Rand on firmer footing as dollar weakens

The rand firmed early on Monday as the US dollar weakened, ahead of a slew of local economic data in the coming days that could give clues on the health of the economy.

At 0615 GMT, the rand traded at R15.54 against the dollar, 0.38% firmer than its previous close.

The dollar was under pressure on Monday as investors have scaled back bets that rising US rates will spur further gains and as fears of a global recession receded a little.

Local focus in the week will be on a number of economic indicators, including April credit and money supply data, unemployment numbers for the first quarter of 2022 and April trade balance numbers – all due on Tuesday.

The government’s benchmark 2030 bond was weaker in early deals, with the yield up 5.5 basis points to 9.775%.