South Africa’s rand opens weaker in choppy trade

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JOHANNESBURG – South Africa’s rand edged weaker in early trade on Thursday.

At 0630 GMT the rand was 0.13 percent weaker at 13.6950, above the 13.60 resistance mark that has recently drawn in sellers looking to pocket dollars cheap.

“Over the most recent sessions, any sign of rand strength has seen renewed dollar buyers emerge, this scenario (is) not entirely unsurprising,” Nedbank analyst Reezwana Sumad said.

Trade across emerging market currencies has been volatile in recent weeks with the trade war brewing between the U.S. and China cooling risk demand, while the rand has also been restrained by lukewarm economic indicators.

Investors to eye release of minutes of the U.S. Federal Reserve’s last policy meeting.

Government bonds inched firmer, with the yield on the benchmark instrument due in 2026 falling 0.5 basis points to 8.745 percent.

The Johannesburg Stock Exchange was set to open flat at 0700 GMT, with the Top 40 futures index down 0.24 percent. – Reuters Africa

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