JOHANNESBURG: South Africa’s rand firmed early on Monday, ahead of a purchasing managers’ index (PMI) survey for the domestic manufacturing sector.
At 0725 GMT, the rand traded at 18.66 against the US dollar, about 0.3% stronger than its previous close.
The Absa PMI for February is set to be released at 0900 GMT and will shed light on manufacturing conditions in Africa’s most industrialised economy.
The dollar was little changed against a basket of currencies as investors processed US President Donald Trump’s tariff policies, the delay in finding peace in Ukraine and the prospect of a weaker US economy.
South African rand slips ahead of local data, US inflation reading
Analysts said the rand will continue to take its direction from the broader movements of the dollar for the time being. On the Johannesburg Stock Exchange, the blue-chip Top-40 index last traded up about 0.9%.
South Africa’s benchmark 2030 government bond was weaker in early deals, with the yield up 3 basis points to 9.175%.