Rand firms as dollar pares gains

The rand firmed on Friday, after slumping the day before on a stronger US dollar and mixed local data. Photo: Reuters

The rand firmed on Friday, after slumping the day before on a stronger US dollar and mixed local data. Photo: Reuters

Published Mar 18, 2024

Share

The rand firmed on Friday, after slumping the day before on a stronger US dollar and mixed local data.

At 1502 GMT, the rand traded at R18.70 against the dollar, about 0.2% stronger than its previous close.

The local currency slipped more than 1% on Thursday at one point, after the dollar firmed on the back of US inflation data. The greenback had trimmed its gains to trade up about 0.03% against a basket of global currencies on Friday.

The rand's weakness was also fuelled by domestic data, which showed a total mining output drop of 3.3% year-on-year in January, while gold production was down 12.7% in the same period.

Investors will now turn their focus towards South Africa's inflation figures, due next week.

On the stock market, the Top 40 Index closed 0.63% down, while the broader All Share Index, slipped 0.53%.

South Africa's benchmark 2030 government bond was unchanged, with the yield at 10.240%.

BUSINESS REPORT