Rand weaker

South Africa’s rand was slightly weaker against the dollar in early trade yesterday ahead of a central bank interest rate decision and US jobs data later in the day. At 0632 GMT, the rand traded at 13.7250 per dollar, 0,22 percent weaker than its New York close of 13.6950 on Wednesday.

“Cautious market participants are still weighing in on emerging markets, resulting in a rand which is experiencing quite a bit of resistance on its strengthening path — but slow and steady wins the race,” said Bianca Botes, corporate treasury manager at Peregrine.

All 27 economists polled by Reuters had predicted the central bank would keep the rate unchanged at 6,75 percent, but said a hike was likely in May due to rising inflation.

In fixed income, the yield on the benchmark government bond due in 2026 added 2 basis points to 8.8 percent in early trade.

Source : The Herald

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