Rand edges up in early trade

The rand edged up in early trade on Thursday as the market awaits a local interest rate decision later in the day.

At 0644 GMT, the rand rose 0.23% at 13.98 per dollar from its close of 14.01 in New York.

South Africa’s central bank meets on Thursday, with a Reuters poll last week expecting it to cut interest rates by 25 basis points.

“All eyes are on the interest rate decision,” said Oliver Alwar, senior trader at Standard Bank adding that the market is expecting a 25 basis point cut.

The yield on South Africa’s benchmark 2026 government bond dipped 0.5 basis points to 8.020%.