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Johannesburg - The rand inched weaker against the dollar on Thursday as an ongoing work stoppage in the engineering and metal sector continued to weigh on investor sentiment.
The rand was down 0.21% to a two-week low R10.7825/dlr at 09:05, extending its losses of around 0.75% from Wednesday.
The strike, in its third day, has seen over 200 000 members of the National Union of Metalworkers of South Africa (Numsa) down tools and comes on the heels of a crippling five-month platinum strike that pushed the economy into contraction in the first quarter.
Support was seen around 10.84/dlr, its recent low which it hit on June 17.
“As yet, there is no threat to the range that extends to R10.84/86,” John Cairns of Rand Merchant Bank said in a market note.
Government bonds were steady with yields on the paper maturing next year as well as on the longer 2026 paper almost unmoved at 6.740% and 8.385% respectively.
The rand was down 0.21% to a two-week low R10.7825/dlr at 09:05, extending its losses of around 0.75% from Wednesday.
The strike, in its third day, has seen over 200 000 members of the National Union of Metalworkers of South Africa (Numsa) down tools and comes on the heels of a crippling five-month platinum strike that pushed the economy into contraction in the first quarter.
Support was seen around 10.84/dlr, its recent low which it hit on June 17.
“As yet, there is no threat to the range that extends to R10.84/86,” John Cairns of Rand Merchant Bank said in a market note.
Government bonds were steady with yields on the paper maturing next year as well as on the longer 2026 paper almost unmoved at 6.740% and 8.385% respectively.
