South African rand weakens as dollar firms
The South African rand slipped on Wednesday, as the dollar made a tentative rebound, while concerns lingered over the independence of the US Federal Reserve.
By 0925 GMT the rand was trading at 17.7225 against the dollar, or 0.5% weaker than Tuesday's close.
The dollar traded about 0.3% stronger against a basket of currencies, dulling the appeal of the risk-sensitive rand, which was also on the backfoot for most of Tuesday's session as markets await clues from local economic data.
Releases due later in the week include producer inflation numbers on Thursday, money supply and private sector credit data, and trade balance and budget balance figures on Friday.
"Even the technicals are not offering much direction to trade on, and it appears that the same also applies to the USD, which is also trading in a range," ETM Analytics said in a research note.
The note added that investors would focus on US President Donald Trump's "doubling of tariffs on Indian imports and his meddling at the Fed in firing Fed Governor Cook" for directional momentum.
Trump's doubling of tariffs on Indian exports to as much as 50% took effect as scheduled on Wednesday, escalating tensions between the world's two largest democracies and strategic partners.
On the Johannesburg Stock Exchange, the Top-40 index was down 0.7% in early trade.
South Africa's benchmark 2035 government bond was also weaker, as the yield rose 2.5 basis points to 9.61%.
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