You are using an older browser version. Please use a supported version for the best MSN experience.

Rand extends gains after strong data

Eyewitness News logo Eyewitness News 2018-04-19 Reuters

South African rand. © Christa Eybers/EWN South African rand. JOHANNESBURG - The rand inched higher early on Thursday, building on gains in the previous session that were driven by better-than-expected inflation and retail data.

At 0550 GMT, the rand traded at R11.9275 versus the dollar, around 0.1% stronger than its New York close on Wednesday.

The rand hit its strongest in almost two weeks on Wednesday, as investors cheered inflation sliding to its lowest in seven years in March and a 4.9% rise in retail sales in February.

The South African currency rose strongly when Cyril Ramaphosa won the race to lead the ruling African National Congress in December. But it has traded in a tight range since late January.

Ramaphosa, who replaced scandal-plagued Jacob Zuma as head of state in February, said on Wednesday that the rand was “near the balance but not quite there”.

Government bonds were flat in early deals on Thursday, with the yield on the benchmark instrument due in 2026 at 8.025%.

The yield on that bond traded at its lowest in around two weeks on Wednesday.

More from Eyewitness News

Eyewitness News
Eyewitness News
image beaconimage beaconimage beacon