South Africa’s (SA) Rand inched up early on Wednesday, attempting a recovery from an almost two-month low as investors awaited fresh signals on the global and domestic economic outlook.
The Rand traded at 17.49 per Dollar , up about 0.3% after falling more than 1% on Tuesday amid weaker gold prices, in line with other commodity-linked currencies.
Investors now await the Standard and Poor Global October whole-economy for insights into business conditions in Africa’s most industrialised economy.
Last month’s index showed that business conditions in SA’s private sector improved for the fifth month running in September, buoyed by a rise in output and new orders.
It also flagged that business expectations for the year ahead fell to their lowest level since July 2021, with concerns over economic and political uncertainty cited for dampening sentiment.
The domestic calendar looks relatively lean for the rest of the week, with October’s Foreign Reserves data due on Friday the main focus for further clues on the health of the local economy.
SA’s benchmark 2035 government bond was flat in early deals, with the yield at 8.835%.
–Reuters–
