Rand, bonds flat ahead of rate call

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November 19, 2015 3:22 PM

The JSE securities exchange's Top-40 futures index was up 0.8 percent, indicating that the actual stock index would open more than 380 points higher at 0700 GMT.

South African rand notes in a file photo. REUTERS/Siphiwe Sibeko

South Africa's rand traded close to its previous closing level against the dollar on Thursday, with traders and analysts expecting it to stay in a narrow range ahead of the central bank's interest rate announcement later in the session.

At 0648 GMT, the rand traded at 14.1605 against the dollar, almost bang in line with its close at 16.1650 in New York on Wednesday.

Government bonds were also flat, with the yield on the benchmark government bond maturing in 2026 unchanged at 8.485 percent.

Analysts said the market was largely pricing in a "no change" stance on interests rates when the central bank concluded its final policy meeting of the year.

Governor Lesetja Kganyago was due to start his news conference from around 1300 GMT.

"Ahead of the (conference) this afternoon ... we expect the rand to remain range bound,"Standard Bank said in a note.

Dollar/rand would find support at 14.0700, 14.0000 and 13.9200, while resistance was seen around 14.1500, 14.3800 and 14.5000, it added.

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