adminJOHANNESBURG — The rand strengthened against the dollar yesterday supported by a recovery in commodity prices and as the greenback paused its recent rally against a basket of currencies. At 1635hrs, the rand was trading 0.59 percent firmer at R12,3615 to the dollar compared with its closing level on Monday.
The dollar was down 0,52 percent against a basket of major currencies.
“The dollar is weaker and we’ve seen commodities lifting a tad, so that’s helping the currency,” Bidvest Bank chief dealer Ion de Vleeschauwer said.
“But it’s still very much a wait and see scenario in terms of interest rates later this week. It’s going to be nervous markets up until Thursday.”
South Africa’s Reserve Bank (Sarb) began its three day monetary policy meeting yesterday, with 17 of 32 economists polled by Reuters last week expecting the bank to lift lending rates when it announces its decision tomorrow.
Investors also waited the release of South Africa’s June consumer inflation data, due out today, for clues on whether the central bank will hike lending rates or not.
In fixed income, the yield for the 2026 benchmark added 1,5 basis points to 8,165 percent. — News24
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