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South Africa’s rand firms as dollar struggles

July 27, 2020

 

South Africa’s rand firmed in early trade on Monday, in line with strength in other emerging market currencies as geopolitical and economic concerns dented the dollar.

At 0625 GMT, the rand traded at 16.5525 per dollar, 0.62% firmer than its close on Friday.

 

The dollar crumbled on Monday as cracks in the U.S. economic recovery drove investors away from the world’s reserve currency as they increased bets the Federal Reserve could flag another accommodative shift in its outlook this week.

 

Locally, investors focus this week will be on a slew of economic data, including consumer price inflation on Wednesday and trade data on Friday.

Government bonds also firmed in early trade, and the yield on the benchmark instrument due in 2030 was down 8 basis points to 9.17%.

 

Source: Reuters

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