Market News

South African rand falls before April credit and budget numbers - REUTERS

MAY 30, 2023

JOHANNESBURG, May 30 (Reuters) - The South African rand fell in early trade on Tuesday, before the release of the April credit extension and budget figures.

The rand traded at 19.7550 against the dollar as of 0532 GMT, about 0.4% weaker than its previous close.

The dollar was near its highest in more than two months.

South Africa's April credit and money supply numbers (ZACRED=ECI)(ZAM3=ECI) are due around 0600 GMT, while the budget balance (ZABUDM=ECI) for April is expected from 1200 GMT.

Investor sentiment towards Africa's most industrialised economy is weak given crippling power cuts, which mean almost no growth is expected this year.

On Monday, the rand ended broadly unchanged after hitting a record low last week when the central bank fuelled expectations of further weakness in the currency.

Reporting by Alexander Winning; Editing by Sonia Cheema


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