Rand firms after better-than-expected current account data

South Africa‘s rand was more than 1% stronger after central bank data showed the country’s current account deficit had narrowed to 3.3% of gross domestic product (GDP) in the second quarter.

At 09:07 GMT the rand was 1.15% stronger at 15.25 versus the dollar.

The current account deficit narrowed from a revised 4.6% of GDP in the first quarter, coming in slightly below the 3.4% deficit analysts polled by Reuters had expected.

The yield on South Africa‘s benchmark government bond maturing in 2026 fell 4 basis points to 9.17%, reflecting stronger bond prices.

Stocks were firmer, with the All-share index up 0.47% to 57 373 points, while the top-40 index rose 0.50% to 51 089 points.