JOHANNESBURG: South Africa’s rand firmed in early trade on Monday, after central bank data showed that foreign reserves had increased last month.
At 0809 GMT, the rand was trading at 18.6100 against the US dollar, about 0.4% stronger than its previous close.
The dollar was down about 0.04% against a basket of global currencies.
South Africa’s net foreign reserves rose to $57.513 billion at the end of March, from $56.652 billion in February, central bank data showed.
South African rand slips against the dollar
Gross reserves increased to $62.323 billion in March from $61.653 billion in February.
More local economic data will be released later this week, including February gold and mining production and manufacturing figures on Thursday.
On the stock market, the Top-40 index and the broader all-share were up 0.38% in early trade.
South Africa’s benchmark 2030 government bond was weaker in early deals, with the yield up 4 basis points to 10.565%.
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