JOHANNESBURG: South Africa’s rand and stocks weakened in early trade on Monday, as the US dollar made some gains. At 0720 GMT, the rand traded at 18.2200 against the dollar , 0.16% weaker than its previous close.
The dollar index, which measures the US currency against six major rivals, rose around 0.07% to 102.37, not far from a one-month low of 102.00 it touched on Friday.
“This morning, the dollar is a little firmer and that will prevent the rand from making back any more ground,” economists at ETM Analytics said in a research note.
However, they added that the rand showed a very impressive performance in June, reversing the losses suffered in May.
This week, local investors will be looking at May inflation for clues on the health of the economy.
South African rand flat ahead of retail sales data
On the stock market, the Top-40 index and the broader all-share fell around 1% in early trade.
South Africa’s benchmark 2030 government bond was weaker in early deals, with the yield up 3.5 basis points to 10.775%.
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