Rand broadly steady at end of mixed week

The rand was broadly steady in early trade on Friday, at the end of a mixed week in which it started with strong gains before losing some steam.

At 0700 GMT, the rand traded at R17.86 against the dollar.

“The rand has still had a reasonable week compared to most currencies. Unless it depreciates beyond the R17.90 mark, it will end the week up against the dollar, which is quite a result, given that most currencies, including the majors, have lost ground,” ETM Analytics said in a research note.

ETM linked the rand’s more than 1% fall on Thursday to the dollar surging on upbeat US economic data and traders covering short positions ahead of the weekend.

The rand is still up more than 5% against the greenback this month.

Around 1200 GMT the National Treasury is expected to release monthly budget data for June.

Analysts polled by Reuters predict a R36.75 billion surplus, versus a deficit of R16.41 billion in May, though the data is subject to large seasonal fluctuations and rarely moves markets.

South Africa’s benchmark 2030 government bond was weaker in early deals, the yield up 7 basis points to 10.285%.