Market News

South African rand gains on weaker dollar before Ramaphosa's speech - REUTERS

FEBRUARY 07, 2023

JOHANNESBURG, Feb 7 (Reuters) - The South African rand firmed against a weaker U.S. dollar on Tuesday, ahead of an address by President Cyril Ramaphosa at the Investing in African Mining Indaba conference in Cape Town.

At 0614 GMT, the rand traded at 17.6100 against the dollar, about 0.3% stronger than its previous close.

The dollar eased but was still near a one-month peak, after traders raised their forecasts for how high the U.S. Federal Reserve might raise interest rates.

Ramaphosa's speech at the Mining Indaba is part of his administration's efforts to boost investment and demonstrate that officials are working to end crippling power cuts.

Later this week, the focus will turn to Ramaphosa's annual State of the Nation Address on Thursday and a rumoured cabinet reshuffle.

The Mining Indaba, which brings together mining company executives, investors, and mines ministers from across Africa and beyond to discuss industry issues, will run until Thursday.

South Africa's net foreign reserves rose to $54.844 billion in January from $53.827 billion in December, Reserve Bank figures showed on Tuesday.

The government's benchmark 2030 bond was slightly weaker in early deals, with the yield up 1 basis point at 9.710%.

Reporting by Nellie Peyton; Editing by Subhranshu Sahu


This website uses cookies We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you've provided to them or that they've collected from your use of their services
Real Time Analytics