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Johannesburg - The rand firmed slightly against the dollar on Monday, finding some footing after a month-long slide that has taken it close to its weakest level in six years against the greenback.
In the absence of major domestic economic data, all eyes will be on President Jacob Zuma, who is expected to announce a successor to Reserve Bank governor Gill Marcus at a 10:00 news conference.
Marcus steps down in November at the end of her five-year term. Most analysts are tipping deputy governors Lesetja Kganyago or Daniel Mminele to slide into her shoes.
The rand inched up 0.16% in early trade to R11.3125 per dollar by 08:09, after tumbling close to 2% on Friday to an 8-month low of R11.3800 in the wake of positive US jobs data.
READ: US jobless rate falls to six-year low
The data showed unemployment was at its lowest level in six years, evidence of an on-going recovery in the world largest economy, suggesting the US central bank would almost certainly hike interest rates by mid-2015.
South African government bonds were flat in morning trade, with yields on the paper due in 2026 unmoved at 8.365%.
The rand is expected to remain under pressure after the energy regulator granted struggling power utility Eskom permission to raise prices by 12.7% for the 2015 to 2016 financial year.
The increase is almost double inflation, which remains outside the central bank's target of 3% to 6%.
In the absence of major domestic economic data, all eyes will be on President Jacob Zuma, who is expected to announce a successor to Reserve Bank governor Gill Marcus at a 10:00 news conference.
Marcus steps down in November at the end of her five-year term. Most analysts are tipping deputy governors Lesetja Kganyago or Daniel Mminele to slide into her shoes.
The rand inched up 0.16% in early trade to R11.3125 per dollar by 08:09, after tumbling close to 2% on Friday to an 8-month low of R11.3800 in the wake of positive US jobs data.
READ: US jobless rate falls to six-year low
The data showed unemployment was at its lowest level in six years, evidence of an on-going recovery in the world largest economy, suggesting the US central bank would almost certainly hike interest rates by mid-2015.
South African government bonds were flat in morning trade, with yields on the paper due in 2026 unmoved at 8.365%.
The rand is expected to remain under pressure after the energy regulator granted struggling power utility Eskom permission to raise prices by 12.7% for the 2015 to 2016 financial year.
The increase is almost double inflation, which remains outside the central bank's target of 3% to 6%.
