Johannesburg - The rand steadied against the US dollar early on Friday as investors held positions ahead of a Standard & Poor's credit rating update on Africa's most advanced economy later in the session.
At 08:07 the rand was trading at R12.3775/$, not far off its Thursday New York closing level of 12.3550.
"The headline event today is S&P’s rating review decision. We think it is extremely unlikely that they will change the rating or even the outlook," John Cairns of Rand Merchant Bank said in a note.
Standard & Poor's in December kept the rating at BBB-, the lowest investment level, with a stable outlook.
The rand has also been under pressure after data on Thursday showed that April factory output unexpectedly contracted.
In fixed income, the yield for the 2026 benchmark was flat at 8.31%.
Rand - Dollar
19.29
-0.7%
Rand - Pound
23.87
-1.1%
Rand - Euro
20.58
-1.2%
Rand - Aus dollar
12.38
-1.1%
Rand - Yen
0.12
-1.2%
Platinum
943.50
+0.0%
Palladium
1,034.50
-0.1%
Gold
2,391.84
+0.0%
Silver
28.68
+0.0%
Brent Crude
87.29
+0.2%
Top 40
67,314
+0.2%
All Share
73,364
+0.1%
Resource 10
63,285
-0.0%
Industrial 25
98,701
+0.3%
Financial 15
15,499
+0.1%
All JSE data delayed by at least 15 minutes
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