Publications
Partners
Johannesburg - The rand was virtually unchanged against the dollar in very thin Tuesday trade, with Johannesburg-based market players finishing early on the eve of Christmas.
Government bonds were also largely steady, with the yield for the benchmark 2026 note unchanged at 8.155% while that for the 2015 paper at the shorter end of the curve crept up half a basis point to 6.055%.
By 12:14 GMT the rand traded at R10.3625/$ to the greenback, 0.13% off Monday's close at R10.3495/$.
"Dollar/rand has remained supported above R10.300/$, thanks to the slightly firmer dollar, in quiet range-bound trade," said Christopher Shiells, an emerging market analyst for Informa Global Markets.
The dollar had a slight upper hand against major currencies on Tuesday, with upbeat US consumption data reinforcing expectations that the Federal Reserve will continue to tighten monetary policy as the world's biggest economy recovers.
High-yielding currencies like the rand weakened last week after the Fed announced it would next month begin scaling back its monthly asset purchases which have injected billions of dollars into emerging markets this year.
South Africa relies heavily on portfolio investment inflows to help finance a yawning current account deficit hovering close to 7% of gross domestic product (GDP).
Government bonds were also largely steady, with the yield for the benchmark 2026 note unchanged at 8.155% while that for the 2015 paper at the shorter end of the curve crept up half a basis point to 6.055%.
By 12:14 GMT the rand traded at R10.3625/$ to the greenback, 0.13% off Monday's close at R10.3495/$.
"Dollar/rand has remained supported above R10.300/$, thanks to the slightly firmer dollar, in quiet range-bound trade," said Christopher Shiells, an emerging market analyst for Informa Global Markets.
The dollar had a slight upper hand against major currencies on Tuesday, with upbeat US consumption data reinforcing expectations that the Federal Reserve will continue to tighten monetary policy as the world's biggest economy recovers.
High-yielding currencies like the rand weakened last week after the Fed announced it would next month begin scaling back its monthly asset purchases which have injected billions of dollars into emerging markets this year.
South Africa relies heavily on portfolio investment inflows to help finance a yawning current account deficit hovering close to 7% of gross domestic product (GDP).
