Rand edges down ahead of producer inflation, trade data

In early trade the rand was at R16.24 against the dollar, 0.09% weaker than its previous close.
Image: Waldo Swiegers / Bloomberg

The rand edged lower in early trade against a resurgent dollar on Thursday, ahead of a slew of local economic data that could give clues on the health of the economy.

At 0644 GMT, the rand traded at R16.24 against the dollar, 0.09% weaker than its previous close.

The dollar index, which measures the currency versus six rivals, remained on the front foot and was trading at 104.94, after benefiting from safety-seeking investors amid renewed worries of higher interest rates and a global recession.

At 0930 GMT on Thursday, the statistics agency will release May producer inflation figures, providing further clues about price pressures in Africa’s most industrialised nation.

Analysts polled by Reuters have predicted that May producer inflation will rise to 14.1% in annual terms from 13.1% in April.

Trade balance numbers and budget balance for May are also scheduled for later in the day.

The government’s benchmark 2030 bond was slightly lower in early deals, with the yield up 0.5 basis points to 10.425%.

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