The South African (SA) Rand edged up in early trade on Friday as the Dollar weakened, with investors focusing on next week’s medium-term budget for clues on the country’s fiscal outlook and credit-rating prospects.
The Rand traded at 16.4450 against the Dollar, about 0.3% firmer than its previous close.
The Dollar index , which measures the greenback against six major peers, was last down about 0.2%, putting the Dollar on track for its first weekly decline in five weeks.
Investors will be watching Finance Minister Enoch Godongwana’s medium-term budget policy statement next week for indications of SA’s fiscal trajectory, amid expectations of an improving budget balance and a more favourable ratings outlook.
On the Johannesburg Stock Exchange, the Top-40 index was up about 0.2% in early trade.
SA’s benchmark 2035 government bond was slightly firmer in early deals, as the yield fell 1.5 basis points to 8.69%.
–Reuters–
