Market News
South African rand slips against stronger dollar - REUTERS
JOHANNESBURG, Nov 8 (Reuters) – The South African rand was slightly weaker in early trade on Friday, tracking the dollar which was back on the front foot.
At 0700 GMT, the rand traded at 17.3650 against the dollar, down 0.2% on its previous close.
The dollar was up 0.1% against a basket of global currencies.
It has been a wild week for currency markets.
The rand tanked on Wednesday when U.S. election results showed Donald Trump had won the presidential race, but it reversed direction on Thursday and closed stronger than Wednesday’s market open.
With no major domestic economic data due on Friday, the rand is likely to take its cue from offshore drivers.
Inflation-linked government bonds will be auctioned as usual on Friday by South Africa’s central bank.
The benchmark 2030 government bond was marginally stronger in early deals, with the yield down 2 basis points to 9.175%.
(Reporting by Alexander Winning; Editing by Christopher Cushing)
