Rand edges higher ahead of PMI data

The rand edged higher on Wednesday ahead of the release of an economic survey that is expected to shed light on the business conditions in Africa’s most industrialised economy.

At 08:58, the rand traded at R17.93 against the dollar.

The March S&P Global South Africa Purchasing Managers Index is due to be published at 0715 GMT.

The headline PMI reading will be looked at closely by investors for clues on the health of the local economy amid crippling rotational power cuts in South Africa.

The dollar index, which measures the currency against six rivals, was last up 0.06% at 101.58.

The government’s benchmark 2030 bond was marginally higher in early deals, with the yield down 1 basis point to 9.870%.