South African rand strengthens ahead of mining figures

JOHANNESBURG: The South African rand edged higher against the dollar early on Thursday ahead of monthly mining production figures.

The rand traded at 18.7750 against the dollar at 0630 GMT, about 0.21% stronger than its previous close.

Statistics South Africa will release the country’s total gold and mining production figures for July at about 0930 GMT.

With little else on the economic calendar for the rest of the week, South African investors will turn their attention towards local inflation figures and an interest rate decision by the central bank next week.

Analysts polled by Reuters expect the South African Reserve Bank to keep interest rates on hold at its Sept. 21 meeting.

South Africa’s benchmark 2030 government bond was weaker in early deals, with the yield up 5 basis points at 10.410%.