South African rand recovers to edge higher against dollar
Business
South African rand recovers to edge higher against dollar
OHANNESBURG (Reuters) - The South African rand was up slightly against a weakening dollar on Monday after slipping earlier in the day amid uncertainty about the outlook for U.S. Treasury yields and interest rates.
The rand was over 0.2% stronger than its last close at 1558 GMT, at 18.5600 against the dollar , after slipping as much as 0.7% earlier in the day.
The dollar last traded around 0.08% weaker against a basket of global currencies as investors await a slew of U.S. economic data scheduled for later this week for more clues on interest rate outlook.
The risk-sensitive rand often takes cues from global factors, such as U.S. monetary policy, in the absence of local economic drivers.
Local data releases this week include July money supply (ZAM3=ECI), private sector credit (ZACRED=ECI) and budget (ZABUDM=ECI) numbers on Wednesday, and July producer inflation (ZAPPIY=ECI) and trade (ZATBAL=ECI) figures on Thursday.
On the Johannesburg Stock Exchange, the blue-chip Top-40 (.JTOPI) closed 1.77% higher while the broader all-share (.JALSH) index closed nearly up 1.7%.
South Africa's benchmark 2030 government bond was stronger, with the yield up 5 basis points at 10.160%.
