S.Africa’s rand mired near month’s lows on finance minister jitters

JOHANNESBURG (Reuters) – South Africa’s rand pared losses on Wednesday but stayed close to one-month lows against the dollar after falling sharply overnight on news of pending fraud charges against Finance Minister Pravin Gordhan.

* Rand up 0.63 percent at 14.2800 against dollar by 0643 GMT compared with Tuesday’s close of 14.3700.

* Rand tumbled 3.9 percent on Tuesday, its biggest daily loss since late June, according to Thomson Reuters market data.

* Government bond yields pull back after soaring to highest in more than 5 weeks in the previous session. Yield for 10-year paper dips 1.5 basis points to 8.915 percent.

* South Africa’s Top-40 futures index down 0.34 percent, suggesting bourse will open slightly down at 0700 GMT.

(Reporting by Stella Mapenzauswa; Editing by Louise Ireland)


About the Author

Leave A Response

Comment moderation is enabled. Your comment may take some time to appear.