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Friday, February 23, 2024

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South Africa’s Rand On A Positive Run

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Global uncertainty has increased significantly in recent months after Russia’s invasion of Ukraine – higher inflation and rate hikes rocked global markets, but the rand has remained remarkably resilient, says Nedbank.

South Africa’s rand was flat in early trade on Monday, struggling to make gains against a broadly stronger dollar, ahead of local manufacturing data due later in the day.

At 0615 GMT, the rand traded at around 14.6600 against the dollar, largely unchanged from its previous close on Friday.

The U.S. dollar remains supported as the Federal Reserve readies to move interest rates sharply higher.

South African-focused investors will also look to the latest manufacturing figures due on Monday, as well as retail sales and mining data due later in the week for clues on how the economy has performed at the start of 2022.

Government bonds also weakened, with the yield on the benchmark 2030 maturity rising 3 basis points to 9.625%.

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