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South African rand weaker ahead of budget, trade data
10:48 CAT | 28 Apr 2023
File photo: Reuters
The South African rand weakened against a stronger dollar early on Friday, ahead of the release of budget and trade data that could indicate the health of Africa’s most industrialised economy.
At 0646 GMT, the rand ZAR=D3 traded at 18.3600 against the dollar, around 0.3% weaker than its previous close.
The dollar was last up about 0.2% against a basket of currencies =USD.
March budget balance ZABUDM=ECI and trade ZATBAL=ECI data will be published around 1200 GMT.
Analysts polled by Reuters predict a budget deficit of 30 billion rand and a trade surplus of 25 billion rand.
The country is being crippled by the worst rolling blackouts on record, contributing to bleak growth prospects.
“The data scheduled for release today will not offer much relief… South Africa tends to produce healthy surpluses when the economy is on its knees, and demand for imports from consumption and investment softens,” said ETM Analytics in a research note.
South Africa marked “Freedom Day” on Thursday and with Monday another public holiday, many local traders will be away from their desks until next Tuesday.
Source: Reuters
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