South African Rand Starts Week on Back Foot

Enterprise Television- South African Rand Starts Week on Back Foot

The rand fell early on Monday, extending losses from last week against a stronger dollar.

At 0625 GMT, the rand traded at 13.78 versus the dollar, 0.4% weaker than its close on Friday.

The rand lost more than 2% against the US currency last week, hurt by escalating global trade tensions and concerns over the local economy.

Absa Purchasing Managers’ Index data due later will provide further clues on the health of the economy.

A stalemate in wage talks between state power company Eskom and labour unions has added to bearish sentiment recently.

Government bonds were also weaker early on Monday, with the yield on the benchmark instrument due in 2026 up 4 basis points to 8.875%.

 

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