Market News
South African rand supported by carry trade and precious metals - REUTERS
JOHANNESBURG, Oct 22 (Reuters) - The South African rand was stronger in early trade on Tuesday, buoyed by global precious metals prices and its appeal for carry trade.
At 0803 GMT, the rand traded at 17.5425 against the dollar , about 0.4% stronger than its closing level on Monday.
ETM Analytics said in a research note that a rise in domestic bond yields should ensure the rand retains its ability to attract portfolio inflows.
"Another factor worth considering is the performance of the gold price ... versus an oil price, which remains more subdued to ensure that SA's terms of trade remain supportive," it added.
