The South African (SA) Rand was steady early on Tuesday, shrugging off a stronger United States (US) Dollar even as weaker gold and platinum prices weighed on S’s export earnings and terms of trade.
The rand traded at 16.6325 against the Dollar, little changed from its previous close of 16.6497.
The Dollar index , which measures the greenback against a basket of currencies edged up, driven by easing expectations of a Federal Reserve interest rate hike this month.
Gold and platinum, SA’s key exports, eased on Tuesday also pressured by the firmer Dollar
Analytics said the Rand has remained resilient despite a firmer US Dollar, even as weak gold and platinum prices and elevated oil prices weighed
“As an economy, SA remains vulnerable to more shocks. Still, the full effects can sometimes be masked by lower foreign participation. That should not be confused with a rising belief that SA is doing something right,” said ETM Analytics in a note.
SA’s benchmark 2035 government bond was firmer in early deals, as the yield fell 3.5 basis points to 8.85%
–Reuters–
