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South African rand weakens as dollar edges higher

World

06-04-2023 | 04:21

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South African rand weakens as dollar edges higher

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South Africa's rand weakened against the dollar in early trade on Thursday, as investors awaited US jobs data and its implications for the Federal Reserve's monetary policy.

At 0645 GMT, the rand traded at 18.0750 against the dollar, 0.1% weaker than its previous close.

The dollar index, which measures the currency against six rivals, was last up 0.1% at 101.98 but still hovered around a two-month low.

With no major local economic data due until Tuesday, the rand is set to take its cues from global drivers.

Investors will be closely looking at Friday's US non-farm payrolls report for March, when many markets globally are closed.

While a slew of sluggish economic data this week has caused traders to scale back bets on how much longer US rates would need to stay in restrictive territory, it has simultaneously reignited recession fears.

South Africa's benchmark 2030 government bond was weaker in early deals, the yield up 3 basis points to 9.810%.

Reuters

South Africa

Rand

Weak

Dollar

High

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