South African rand weakens ahead of budget, trade balance data

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South African rand weakens ahead of budget, trade balance data

11:47 CAT | 30 Dec 2022

FILE - South African Rand coins are seen in this illustration picture taken October 30, 2020. [File photo: Reuters/Mike Hutchings]

South Africa’s rand weakened against the dollar in early trade on Friday, ahead of the November budget and trade balance figures that could give clues on the health of the local economy.

At 0632 GMT, the rand ZAR=D3 traded at 16.9875 against the dollar, 0.22% weaker than its previous close.

The dollar index =USD, which measures the currency against six rivals, was last up 0.1% at 104.08.

Central bank data earlier on Friday showed South Africa’s private sector credit expanded 8.30% year on year in November, after rising by 9.34% in October.

The government’s benchmark 2030 bond ZAR2030= was higher in early deals, with the yield down 2 basis points to 10.235%.

Source: Reuters