South African rand extends losses before local economic releases
JOHANNESBURG: The South African rand extended the previous session’s losses in early trade on Tuesday as higher oil prices weighed on sentiment, while investors waited for domestic economic data for clues on the health of Africa’s largest economy. At 0625 GMT the rand traded at 16.43 against the dollar , about 0.1% softer than its previous close. The US dollar was steady against a basket of…
On Tuesday, the South African rand continued to decline following the previous trading session, trading at 16.43 against the US dollar by 0625 GMT, a slight decline of 0.1% compared to its prior close. The US dollar remained stable against other currencies, while oil prices surged for a second day due to ongoing worries about potential supply interruptions from the Middle East.
Investors are eagerly awaiting the release of domestic economic data from South Africa, as they seek clues about the health of the nation's largest economy. The South African Reserve Bank is set to publish its quarterly bulletin around 0800 GMT, shedding light on foreign direct investment, portfolio flows, and household finances. Nedbank economists have noted that household finances seem to have held up well, even amid persistent concerns over the ongoing energy crisis.
Statistics South Africa will unveil formal sector employment data, excluding agriculture, at approximately 0930 GMT. Meanwhile, South Africa's benchmark 2035 government bond experienced an increase in early trading, with its yield dropping by 2.5 basis points to 8.89%.
Written by urgent.news from Business Recorder's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
