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Johannesburg - The rand was softer against the dollar in early Monday trade, retreating a few cents after Reserve Bank data showed growth in credit extension to the private sector slowed again in June.
The data backs the case for the Reserve Bank to consider another interest rate cut - rates have been steady since the last reduction in 2012 - to boost consumer demand and spur economic growth.
By 06:45 GMT the rand was at R9.8200/$, down 0.55% from its New York close at R9.7660/$ on Friday.
The rand could extend losses as importers make their usual end-of-month external payments.
"Today is the usual month-end corporate activity day and therefore we do expect a bit more from the demand side of the market, from a local perspective that is," Standard Bank trader Warrick Butler said.
The rand pulled back from R9.7950/$ just before a Reserve Bank report released at 06:00 GMT showed that growth in credit demand from the private sector slowed to 8.91% year-on-year in June from 9.05% in May.
Government bonds were little changed from Friday levels, with the yields for the benchmark issue due in 2026 and the 2015 paper each edging up half a basis point to 8.175% and 6.2% respectively.
The data backs the case for the Reserve Bank to consider another interest rate cut - rates have been steady since the last reduction in 2012 - to boost consumer demand and spur economic growth.
By 06:45 GMT the rand was at R9.8200/$, down 0.55% from its New York close at R9.7660/$ on Friday.
The rand could extend losses as importers make their usual end-of-month external payments.
"Today is the usual month-end corporate activity day and therefore we do expect a bit more from the demand side of the market, from a local perspective that is," Standard Bank trader Warrick Butler said.
The rand pulled back from R9.7950/$ just before a Reserve Bank report released at 06:00 GMT showed that growth in credit demand from the private sector slowed to 8.91% year-on-year in June from 9.05% in May.
Government bonds were little changed from Friday levels, with the yields for the benchmark issue due in 2026 and the 2015 paper each edging up half a basis point to 8.175% and 6.2% respectively.
