Rand firms ahead of finance minister’s trip to Indonesia

The rand was firmer early on Tuesday, as Finance Minister Nhlanhla Nene was scheduled to travel to Indonesia to represent South Africa at a meeting of the International Monetary Fund (IMF) and World Bank.

The rand was 0.18% stronger at 14.84 per dollar at 07:10 GMT, having closed in New York at 14.86.

South Africa‘s finance minister is travelling to Indonesia for an International Monetary Fund (IMF) meeting, the Treasury said on Tuesday, a statement that may soothe markets a day after a media report that he had asked the president to sack him.

In fixed income, the yield on the benchmark government bond due in 2026 fell 1.5 basis points to 9.28%.