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%.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation