Rand heads for another week of gains helped

THE rand was on course for its third consecutive week of gains on Friday, helped by some better than expected domestic economic data in the past few days.

At 6.17am GMT, the rand traded at 14.1750 against the dollar, roughly 0.3 percent stronger than its previous close and more than 1 percent firmer than a week ago.

The dollar was broadly flat against a basket of peer currencies.

Data this week showed South Africa’s second-quarter gross domestic product (GDP) grew 1.2 percent quarter on quarter, versus expectations for a 0.7 percent growth, and the current account had a record surplus in the same three-month period.

Although the country’s economic recovery from the Covid-19 pandemic remains uneven, with sectors like mining outperforming others like manufacturing, some financial companies have lifted their 2021 growth forecasts.


On Friday, there is an auction of government inflation linked bonds and Treasury bills.

The yield on the benchmark 2030 bond was little changed at 8.855 percent early on Friday.


Source: iol.co.za