JOHANNESBURG: South Africa’s rand strengthened against the dollar early on Wednesday, but was still hovering at two-week lows after weak local growth data and as US durable goods data buoyed the greenback.
At 06h56 GMT the rand was trading 0.36 percent stronger at 12.0475 to the dollar compared with its closing level in New York on Tuesday. The currency is trading at its weakest levels since May 12. With no local economic data scheduled for released on Wednesday, traders were closely watching global news – such as persisting Greek debt woes – for direction.
“Today’s focus for forex markets shifts towards discussions between Greek officials and their creditors in Brussels,” Barclays Africa said in a note. “Any impasse on that front is likely to be dollar supportive and a threat to risky assets such as the rand.” In fixed income, the yield for the 2026 benchmark was down 3.5 basis points to 8.14 percent.
