Share

Rand reverses gains against dollar

Johannesburg - The rand reversed gains against the dollar on Thursday, after investors put behind them a recent raft of soft US data to still price in the prospect of higher rates in the world's biggest economy.

Better-than-expected domestic mining and factory output data helped offset some of the pressure on the rand, but traders and analysts said further losses were on the cards.

READ: Gold pulls SA mining production down

At 17:50 GMT, the local unit traded at R11.9150 per dollar, 0.9% weaker than where it ended the New York session on Wednesday.

Government debt also edged lower, with the benchmark 2026 instrument yielding 7.635% at the close, up half a basis point from the previous day.

The dollar was on course for a third day of gains against major currencies - having been on shaky ground following last Friday's batch of weak jobs data last week - after two US Federal Reserve officials said rates could still rise in June.

"The market has been disappointed by US data lately ... but that seems to be changing," said HSBC EMEA currency strategist Murat Toprak.

"Slightly good economic data in South Africa has supported the rand but at the end of the day what is pushing dollar/rand higher is clearly the stronger dollar after the correction after non-farm payrolls."

South Africa mining output climbed 7.5% year-on-year in February, the statistics agency said, against economists' expectations for a 0.4% contraction.

Manufacturing production in the same month contracted, but not as steeply as in January, Statistics South Africa said.

ALSO READ: Manufacturing production down 0.5%

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.0%
Rand - Pound
23.90
+0.0%
Rand - Euro
20.41
+0.1%
Rand - Aus dollar
12.33
+0.1%
Rand - Yen
0.13
-0.0%
Platinum
908.05
+1.2%
Palladium
1,014.94
+1.3%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders