Market News

South African rand gains as dollar retreats - REUTERS

APRIL 23, 2024

JOHANNESBURG, April 23 (Reuters) - South Africa's rand reversed some of its losses on Tuesday as global investor concerns over rising tensions in the Middle East receded.

At 1617 GMT, the rand traded at 19.1125 against the dollar , 0.44% stronger than its previous close.
The dollar index retreated against a basket of currencies and was last trading 0.38% lower.

Analysts earlier pointed to a decline in metal prices as the reason for the local currency's recent weakness, in addition to the risk-off sentiment fuelled by the tiff between Iran and Israel.
Locally, South Africa's central bank in a biannual review of its monetary policy stance said the path back to 4.5% inflation would probably be "bumpy and protracted" after setbacks in recent months.

South Africa's leading indicator, which collects data on vehicle sales, business confidence, money supply and other factors, rose 1.7% month-on-month in February, central bank data also showed.
On the stock market, the Top-40 (.JTOPI), index ended up 0.82% while the broader all-share (.JALSH), index closed 0.63% higher. Advertisement · Scroll to continue South Africa's benchmark 2030 government bond was stronger, with the yield down 6 basis points at 10.695%


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