JOHANNESBURG: The South African rand slipped in early trade on Tuesday before the release of first-quarter gross domestic product (GDP) data at 0930 GMT.
Economists polled by Reuters estimate that in the first three months of 2024 Africa’s most industrialised economy grew 0.1% in quarter-on-quarter terms and 0.6% on a year-on-year basis.
At 0615 GMT, the rand traded at 18.5525 against the dollar , about 0.2% weaker than its closing level on Monday.
The rand, Johannesburg-listed stocks and government bonds gained on Monday as investors bet on the prospect of the African National Congress (ANC) striking a coalition deal with a market-friendly party after failing to get a majority in last week’s election.
South African rand edges higher; focus on coalition negotiations this week
Political parties have two weeks to work out a deal before the new parliament sits and chooses a president, still likely to be ANC leader Cyril Ramaphosa since the party remains the biggest force.
Comments
Comments are closed.