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Rand steadies against dollar after sharp fall

Johannesburg - The rand hovered on Wednesday near its previous day's close against the dollar and was expected to continue taking direction from global currency moves, with local business sentiment data taking a back seat.

The South African Chamber of Commerce and Industry (Sacci) was due to release its latest confidence index at 11:30 while HSBC would issue its purchasing managers' index at 09:15.

At 08:38 the rand traded at R11.1200/$ barely shifted from Tuesday's close of R11.1225.

The yield on the benchmark government bond maturing in 2026 was up 4.5 basis points at 7.71%.

The rand fell more than 1% against the dollar on Tuesday, hitting a session low of R11.1415 as weaker metal prices weighed on commodity-linked currencies.

Upbeat comments from the US Federal Reserve in recent days on the state of the US economy will continue to boost the dollar, RMB currency analyst John Cairns said in a note.

"Other news is marginally rand-positive. Asian equities have done well this morning on speculation that China could introduce more stimuli," he said.

"Commodity export prices have broadly stabilised, with the only pressure coming from the stronger dollar."

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Rand - Dollar
18.89
+0.2%
Rand - Pound
23.84
+0.3%
Rand - Euro
20.36
+0.4%
Rand - Aus dollar
12.30
+0.3%
Rand - Yen
0.12
+0.2%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
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Top 40
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All Share
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Resource 10
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Financial 15
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