Make Kitco Your Homepage

South African rand falls as dollar edges up on stable bond yields

Kitco News

JOHANNESBURG, March 27 (Reuters) - South Africa's rand extended its losses against the dollar on Wednesday, with the greenback edging higher as U.S. Treasury yields, the subject of much attention and concern, stabilised.
* At 0645 GMT, the rand traded at 14.4700 per dollar, 0.42 percent weaker than its New York close on Tuesday.
* "The rand continues to seesaw as the week progresses, struggling to retain momentum in either direction," said Bianca Botes, a corporate treasury manager at Peregrine Treasury Solutions.
* An uptick in the dollar and a slowdown in the Asian market rally in the overnight session are adding pressure on the local unit, with global growth concerns remaining the key theme this week, she added.
* Locally, with no top tier data due, investors are waiting for Thursday's central bank monetary policy decision, and a Moody's rating review on Friday, which is likely to be after local markets close.
* Stocks were set to open slightly higher at 0700 GMT, with the JSE securities exchange's Top-40 futures index up 0.14 percent.
* In fixed income, the yield on the benchmark government due in 2026 rose 1.5 basis points to 8.755 percent in early trade.


(Reporting by Olivia Kumwenda-Mtambo; Editing by Subhranshu Sahu)

Messaging: olivia.kumwenda.thomsonreuters.com@reuters.net))
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.