Monday, June 17, 2024

South African Rand Gains Against U.S. Dollar

The South African rand edged up against a weaker dollar in early trade on Monday, at the start of a packed week for local economic data.

At 0645 GMT, the rand traded at 18.5750 against the dollar, about 0.2% stronger than its closing level on Friday.

The dollar last traded around 0.2% weaker against a basket of global currencies.

The rand gained roughly 2% last week, mainly taking its cue from offshore factors.

“The rand is, unfortunately, merely a passenger in the global current of macro developments,” Rand Merchant Bank analysts said in a research note.

He said the currency would probably stay volatile in the months ahead “as the (U.S. Federal Reserve) dictates terms for global asset prices via the dollar”.

South Africa’s benchmark 2030 government bond was slightly stronger in early deals, with the yield down 2.5 basis points to 10.185%.

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