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Rand vulnerable to more wage strikes

Johannesburg - The rand weakened slightly against the dollar on Tuesday, with scope to extend losses as the country's largest labour union enters the third week of a wage strike that has hit the operations of major auto makers.

At 09:35 the rand was trading at R10.7197/$.

In fixed income, the yield for the 2026 benchmark added 1 basis point to 8.335% while the 2015 paper at the short end of the curve was flat at 6.67%.

Leaders of the National Union of Metalworkers of South Africa are expected to draw up plans on widening a strike that has dealt another blow to an economy still counting the cost of a five-month platinum sector stoppage at the start of the year.

"While strikes are very familiar to investors, they nonetheless have a dampening effect on confidence," Rand Merchant Bank analyst Mamello Matikinca said in a note.

"South Africa will struggle with narrowing its current account deficit as import growth remains strong."
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Rand - Dollar
19.02
-0.6%
Rand - Pound
24.01
-0.5%
Rand - Euro
20.53
-0.3%
Rand - Aus dollar
12.35
+0.0%
Rand - Yen
0.13
-0.6%
Platinum
899.20
+0.3%
Palladium
999.25
-0.3%
Gold
2,213.81
+0.9%
Silver
24.60
-0.2%
Brent Crude
86.09
-0.2%
Top 40
68,080
+0.6%
All Share
74,278
+0.5%
Resource 10
56,967
+2.4%
Industrial 25
103,572
+0.3%
Financial 15
16,456
-0.4%
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