Market News

South African rand rises ahead of trade, budget balance data - REUTERS

SEPTEMBER 29, 2023

JOHANNESBURG, Sept 28 (Reuters) - The South African rand strengthened on Thursday ahead of a slew of local economic data including trade and budget balance, which could give clues on the health of Africa's most industrialised economy.

At 1523 GMT, the rand traded at 19.0525 against the dollar , more than 0.7% stronger than its previous close.

The dollar last traded around 0.46% weaker against a basket of global currencies.

The rand seemed little affected by statistics agency data released earlier on Thursday, which showed South Africa's producer inflation quickened to 4.3% year-on-year in August from 2.7% in July.

Meanwhile, the South African Reserve Bank said in its Quarterly Bulletin that the country recorded foreign direct investment inflows of 53.8 billion rand ($2.8 billion) in the second quarter, up from 0.5 billion rand in the first quarter. The central bank said the acquisition of a domestic beverage company by a nonresident firm contributed to the increase.

Local investors will turn towards August money supply and private sector credit growth, trade and budget balance figures due on Friday for fresh direction.

Shares on the Johannesburg Stock Exchange rose slightly, with the blue-chip Top-40 index (.JTOPI) ending nearly 0.5% higher.

South Africa's benchmark 2030 government bond slipped, with the yield up 21 basis points to 11.040%.

Reporting by Tannur Anders, Anait Miridzhanian and Bhargav Acharya in Johannesburg Editing by Richard Chang and Matthew Lewis


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