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Rand recovers slightly after two-week slump

The South African rand recovered some ground early on Friday after a two-week slump while the U.S. dollar eased on global markets. Photographer: Nadine Hutton, Bloomberg.

The South African rand recovered some ground early on Friday after a two-week slump while the U.S. dollar eased on global markets. Photographer: Nadine Hutton, Bloomberg.

Published Apr 29, 2022

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The South African rand recovered some ground early on Friday after a two-week slump while the U.S. dollar eased on global markets.

At 0720 GMT, the rand traded at 15.9350 against the dollar, 0.5 percent stronger than its Thursday close.

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It was still on track for a loss of more than 1 percent against the dollar this week after falling over 6 percent last week.

The dollar index hit a 20-year high on Thursday, buoyed by bets on rising U.S. interest rates and worries about growth in Europe and China, before falling back on Friday.

Early on Friday, central bank data showed private sector credit expanded 5.89 percent year on year in March, greater than February's 3.62 percent increase. Later in the day March budget and trade numbers are due to be published.

On the Johannesburg Stock Exchange, the Top-40 index was up around 2.2 percent in early trade. The government's benchmark 2030 bond was also stronger, with the yield falling 3.5 basis points to 9.98 percent.

REUTERS

Related Topics:

economic growth

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