Home Business South African Rand Gains Ground in the market against Softer Dollar

South African Rand Gains Ground in the market against Softer Dollar

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The South African rand firmed against the dollar on Thursday after the greenback was jolted by the worst fall in U.S. stocks in nearly eight months.

* The rand was 0.71 percent stronger at 14.6750 per dollar at 0650 GMT, having closed in New York at 14.7800.

* The rand is expected to trade between 14.6000 and 14.9000 to the dollar on Thursday, NKC African Economics wrote in a note.

* The rand had been supported by the market’s favourable reaction to the appointment of Tito Mboweni as the new South African finance minister on Tuesday.

* South Africa-focused investors were awaiting the release of the statistics agency’s manufacturing production data for August due at 1100 GMT. Consensus expectations are for production to have risen 0.6 percent on an annual basis.

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* In fixed income, the yield on the benchmark government bond due in 2026 rose 3 basis points to 9.260 percent.

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