Johannesburg — South Africa’s rand strengthened on Monday, as investors started the week on the front foot ahead of a slew of month-end economic data releases.
At 1525 GMT, the rand traded at 18.0225 against the dollar, up 0.5% from its previous close.
Local investor focus will turn towards several economic indicators due this week, including a business cycle indicator, producer inflation, trade and budget balance figures.
The rand has regained some ground against the greenback after U.S. President-elect Donald Trump’s selection of fund manager Scott Bessent as the next U.S. Treasury secretary calmed emerging markets, said Andre Cilliers, currency strategist at TreasuryONE.
Cilliers said the local central bank’s conservative monetary policy stance with a smaller interest rate cut last week also helped the rand.
On the stock market, the Top-40 index closed down 0.8%.
South Africa’s benchmark 2030 government bond was stronger, with the yield down 6 basis points to 8.945%.
*Bhargav Acharya; editing: Bernadette Baum & Jonathan Oatis – Reuters
