ADVERTISEMENT

Rand on the ropes as economic concerns weigh

By 0650 GMT the rand had slipped 0.44 percent to 15.1035 per dollar compared to its overnight close at 15.0370 in New York.

A street money changer counts South African Rands in Harare, Zimbabwe, May 5, 2016.  REUTERS/Philimon Bulawayo

South Africa's rand retreated against the dollar early on Thursday, giving up a minor rebound back from six-week lows as global and domestic growth concerns rattled sentiment towards the continent's most industrialised economy.

Government bonds were firmer, with the benchmark paper due in 2026 shedding 3.5 basis points to 9.15 percent.

Earlier in the week the rand tumbled to its weakest level since March 29 after data showed unemployment rose to its highest in more than a decade.

Traders expect growth worries and low liquidity in a session short of any major data releases to leave the door open for further rand losses.

ADVERTISEMENT

"It's about the biggest order at the most illiquid time," chief trader at Standard Bank Warrick Butler said in a note.

South Africa's statistics agency publishes March mining and manufacturing production figures later in the session, with both sets of data due to show contractions in the country's two largest sectors.

The stock market is set open lower when trade resumes at 0700 GMT, with the benchmark Top-40 futures index down 0.5 percent.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Train services continue on Kaduna-Abuja route after Sunday accident

Train services continue on Kaduna-Abuja route after Sunday accident

30m Nigerians to benefit from Lagos-Calabar Coastal Road - Tinubu

30m Nigerians to benefit from Lagos-Calabar Coastal Road - Tinubu

Tinubu inaugurates Lagos-Calabar Coastal road construction, praises Chagoury

Tinubu inaugurates Lagos-Calabar Coastal road construction, praises Chagoury

Your policies are wrongly implemented, Obasanjo lambasts Tinubu

Your policies are wrongly implemented, Obasanjo lambasts Tinubu

Obaseki begins payment of ₦70,000 minimum wage to Edo workers

Obaseki begins payment of ₦70,000 minimum wage to Edo workers

Tinubu inaugurates 27km road in Bayelsa, pledges commitment to Niger Delta

Tinubu inaugurates 27km road in Bayelsa, pledges commitment to Niger Delta

Hajj 2024: Nigeria loses second pilgrim in Mecca in 2 days

Hajj 2024: Nigeria loses second pilgrim in Mecca in 2 days

3 arrested for trying to smuggle hard drugs into police cell for a suspect

3 arrested for trying to smuggle hard drugs into police cell for a suspect

Obaseki takes free rice distribution to Edo Central

Obaseki takes free rice distribution to Edo Central

Pulse Sports

No space for Lookman, Osimhen as only two Africans make Forbes’ Top 50 highest-paid athletes

No space for Lookman, Osimhen as only two Africans make Forbes’ Top 50 highest-paid athletes

Lookman frontrunner for NFF Player of the Year after historic Europa League heroics

Lookman frontrunner for NFF Player of the Year after historic Europa League heroics

Tobi Amusan second, Brume Ese picks Olympics ticket, and other Nigerians excel at Atlanta City Games

Tobi Amusan second, Brume Ese picks Olympics ticket, and other Nigerians excel at Atlanta City Games

Caicedo, Kudus or Garnacho: Who should win EPL goal of the season?

Caicedo, Kudus or Garnacho: Who should win EPL goal of the season?

ADVERTISEMENT
ADVERTISEMENT