JOHANNESBURG – South Africa’s rand edged higher early on Tuesday against a slightly weaker dollar, building on gains from the previous session.
At 0610 GMT, the rand traded at 12.0350 versus the dollar, 0.1 percent stronger than its New York close on Monday.
The dollar index was down less than 0.1 percent. On global markets, the focus shifted back to U.S. trade policy as investors wagered that U.S.-led attacks on Syria would not escalate into a wider conflict in the Middle East.
The South African currency rallied strongly on Cyril Ramaphosa’s election as leader of the ruling African National Congress late last year, but it has traded in a relatively tight range since late January.
Analysts at NKC Research said they expected the rand to trade between 11.90 and 12.10 versus the dollar on Tuesday.
Ramaphosa, who has pledged to root out corruption and revamp the economy, on Monday appointed a team to hunt the globe for 100 billion rand ($8.3 billion) in investment. – BusinessLive