At 09h40 CAT, the Rand traded at 16.7025 against the Dollar, down about 0.3% from its previous close. The Dollar was relatively flat against a basket of major currencies.
Precious metals pulled back on Monday, with silver retreating after breaching $80 per ounce earlier in the day and gold easing from close to record highs as investors booked profits and safe-haven demand cooled.
“Despite the short-term pullback, the broader outlook for both metals remains positive in a lower-rate global environment,” said Wichard Cilliers, head of market risk at TreasuryONE.
SA’s risk-sensitive currency is on course for gains of more than 12% against the dollar this year, bolstered by the nation’s improved fiscal performance and success in containing inflation, as well as soaring prices of precious metals such as gold and platinum, which are major exports.
On the Johannesburg Stock Exchange, the Top-40 index was last up 0.2% in early trade, with Aspen Pharmacare’s shares rising more than 20% after the pharmaceuticals company announced plans to sell its major Asia Pacific assets, excluding China, for $1.6 billion.
–Reuters–
