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JOHANNESBURG. — South Africa’s rand extended its losses against the dollar yesterday, with the greenback edging higher as US. Treasury yields, the subject of much attention and concern, stabilised.
At 0645 GMT, the rand traded at 14,4700 per dollar, 0,42 percent weaker than its New York close on Tuesday.
“The rand continues to seesaw as the week progresses, struggling to retain momentum in either direction,” said Bianca Botes, a corporate treasury manager at Peregrine Treasury Solutions.
An uptick in the dollar and a slowdown in the Asian market rally in the overnight session are adding pressure on the local unit, with global growth concerns remaining the key theme this week, she added.
Locally, with no top tier data due, investors are waiting for today’s central bank monetary policy decision, and a Moody’s rating review tomorrow, which is likely to be after local markets close.
Stocks were set to open slightly higher at 0700 GMT, with the JSE securities exchange’s Top-40 futures index up 0,14 percent.
In fixed income, the yield on the benchmark government due in 2026 rose 1,5 basis points to 8,755 percent in early trade. — Reuters Africa.
Online Reporter