Tuesday, May 18, 2021

South African rand lifted by weaker dollar

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Naija247news, Nigeriahttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

The South African rand gained on Monday, helped by the U.S. dollar falling as Treasury yields retreated and economic data disappointed.

At 1610 GMT, the rand traded at 14.4000 against the dollar, 0.6% stronger than its close on Friday.

The dollar (.DXY) was down 0.3% against a basket of currencies, after data showed U.S. manufacturing activity grew at a slower pace in April and construction spending rebounded far less than expected in March. read more

A survey also showed South Africa’s manufacturing activity grew less quickly in April, but it did little to affect the rand. read more

Investor attention will soon turn to a scheduled review of South Africa’s sovereign credit by Moody’s on Friday.

The rating agency already has the country’s debt in “junk” status, and the question is whether it will cut that rating further still.

The Johannesburg Stock Exchange saw broad-based falls on Monday for companies including miners and banks while several big overseas markets were closed for public holidays. read more

The All-share index (.JALSH) closed down 0.52% at 66,586 points, and the blue-chip Top-40 index (.JTOPI) ended down 0.53% at 60,770 points.

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