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JOHANNESBURG – South Africa’s rand weakened early on Wednesday, giving back some of the gains of from the day before, as investors took profits before a local inflation data release.
Statistics South Africa publishes September inflation figures at 0800 GMT. Price growth is expected to remain benign, supporting the carry-trade attraction of the currency.
At 0645 GMT, the rand was down 0.27% at 14.6290 per dollar, slipping from Tuesday’s one-month best of 14.5700 reached during an emerging-market rally and easing fears around state power company Eskom.
The crisis-hit utility got additional 59 billion rand ($4 billion) lifeline by parliament on Tuesday, after imposing another round of nationwide blackouts last week.
Bonds were also weaker, with the yield on the benchmark government issue due in 2026 up 1 basis point to 8.215% – Reuters Africa
Bongani Ndlovu