JOHANNESBURG: South Africa’s rand slipped against the dollar on Friday after the central bank released its quarterly bulletin.
At 0907 GMT, the rand traded at 17.855 against the greenback, about 0.4% weaker than its previous close.
The dollar was last up 0.13% against a basket of other major currencies and heading for its best weekly performance in a month as investors priced in the possibility of the Federal Reserve reducing rates more cautiously next year.
South African rand sees tailwind from local inflation and retail data
The South African Reserve Bank (SARB) said the country recorded foreign direct investment outflows of 3.2 billion rand ($179.87 million) in the third quarter, compared to inflows of 16.6 billion in the second.
It attributed the outflows to domestic subsidiaries of multinational companies paying back loans to their parent companies.
On the stock market, the Top-40 index was down about 0.3%.
South Africa’s benchmark 2030 government bond was weaker, with the yield up 1.5 basis points at 8.88%.
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