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Johannesburg - The rand was slightly weaker against a high-flying US dollar on Tuesday as slow year-end trade kept the local unit in a tight range and traders awaited US economic growth numbers.
The US dollar has been surging against most major currencies in recent months as the world's biggest economy shows lasting signs of recovery.
READ: US dollar holds steady in Asian trade
Third quarter gross domestic product data (GDP) due later in the session is expected to show US growth at above a 4% annualised rate for a second straight quarter.
By 08:16 the rand had slipped 0.15% to R11.5875/$, slightly weaker compared to an overnight close of R11.5700 in New York.
The rand has shed close to 5% in December and over 25% in the last 12 months against the dollar, as a record 5-month labour stoppage in the platinum sector dragged the economy into recession in the first quarter.
Growing budget and current account deficits have kept the local currency on the backfoot in the second and third quarters.
Yields on local bonds were unmoved in early trade, with benchmark government issue flat at 8.01%.
Statistics from the Johannesburg Securities Exchange (JSE) on Monday showed that offshore investors sold-off more than R2.5bn in bonds in the previous week.
The US dollar has been surging against most major currencies in recent months as the world's biggest economy shows lasting signs of recovery.
READ: US dollar holds steady in Asian trade
Third quarter gross domestic product data (GDP) due later in the session is expected to show US growth at above a 4% annualised rate for a second straight quarter.
By 08:16 the rand had slipped 0.15% to R11.5875/$, slightly weaker compared to an overnight close of R11.5700 in New York.
The rand has shed close to 5% in December and over 25% in the last 12 months against the dollar, as a record 5-month labour stoppage in the platinum sector dragged the economy into recession in the first quarter.
Growing budget and current account deficits have kept the local currency on the backfoot in the second and third quarters.
Yields on local bonds were unmoved in early trade, with benchmark government issue flat at 8.01%.
Statistics from the Johannesburg Securities Exchange (JSE) on Monday showed that offshore investors sold-off more than R2.5bn in bonds in the previous week.
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