Rand steady ahead of unemployment, trade data

The rand steadied against the US dollar early on Tuesday, ahead of the release of first-quarter unemployment data and the latest trade balance figures.

At 0615 GMT, the rand traded at R15.48 against the dollar, near its previous close of around R15.47.

Statistics South Africa will publish the unemployment and April trade balance numbers later in the day.

The unemployment rate hit a record high of 35.3% in the final quarter of 2021 due to job losses mainly in manufacturing and construction.

The South African economy was in bad shape even before the Covid-19 pandemic and faces further strain amid rotational power outages that could constrain growth and undermine job creation.

Data on Tuesday showed that private-sector credit in South Africa rose by 5.99% year-on-year in April after rising by 5.92% in March.

The yield on the government’s benchmark 2030 bond rose 2 basis points to 9.685%.