Johannesburg - The rand slipped against the dollar in early Friday trade as stronger than expected mining output failed to shield the South African currency from fears of a further slump in global commodity prices.
China, the world's top commodities buyer and a key export destination for South Africa, is set to place tariffs on a range of imported raw materials as domestic growth continues to cool.
By 08:38 SA time the rand was 0.25 percent softer at 11.2380 to the dollar, reversing a firmer move in the previous session after September mining output surprised the market with a 5.3 percent expansion.
Market watchers expected rand buyers to book profits ahead of a spate of off-shore data releases.
“South Africa's currency will likely trade in a tight range in the run-up to euro zone GDP growth and US retail sales data on Friday,” NKC Independent Economists said in a note.
Government bonds were flat, with the yield on the benchmark issue due in 2026 unmoved at 7.885 percent. - Reuters