JOHANNESBURG: The South African rand slipped again in early trade on Tuesday, extending a run of weakness that began at the start of the month.
At 0613 GMT, the rand traded at 18.8300 against the dollar , around 0.6% weaker than its previous close.
The South African currency has lost more than 5% against the greenback so far in August. The dollar last traded around 0.15% stronger against a basket of global currencies.
“The rand underperformed again yesterday for no obvious reason,” Rand Merchant Bank (RMB) analysts said in a research note, adding that it was the worst performing currency on Monday.
South African rand slips; focus on global inflation prints this week
With little local data and a public holiday on Wednesday, traders will turn their attention to Chinese and US inflation data due later this week. “Data risks are low, and we do have a local holiday tomorrow, but volatility will probably continue nonetheless,” RMB added.
South Africa’s benchmark 2030 government bond was almost unchanged in early deals, with the yield at 10.245%.
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