South Africa’s rand firms in early trade


JOHANNESBURG (Reuters) – South Africa’s rand firmed against the dollar in early trade on Monday, even though risk sentiment remained fragile as investors looked to the G20 meeting this week for signs of a thaw in the Sino-U.S. trade spat.

At 0621 GMT, the rand traded at 13.8150 per dollar, 0.31 percent firmer than its close on Friday.

Currency traders are looking to the upcoming G20 meeting in Buenos Aires on Nov. 30, where U.S. President Donald Trump and Chinese President Xi Jinping are expected to discuss contentious trade matters.

On the local front, the focus was on business and consumer confidence reports and October trade data due this week.

“While the rand is expected to remain under the 14.00 level, we can expect some pressure to the downside as sentiment swings in favour of the dollar and sterling,” said Bianca Botes, treasury manager at Peregrine Treasury Solutions.

In fixed income, yield on the benchmark government bond due in 2026 was down 4.5 basis points at 8.89 percent.

Reporting by Olivia Kumwenda-Mtambo; Editing by Subhranshu Sahu

Previous articleEnergy revenues cut Algeria trade deficit in Jan-Oct – customs
Next articleSecurity operatives rescue US citizen abducted in Nigeria
Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.