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Rand dips ahead of budget data

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The rand weakened against the dollar in early trade ahead of budget balance data.

At 08:46, the rand traded at 18.01 against the dollar, 0.18% weaker than its previous close.

The local currency had steadied on Thursday, a day after a strong gain, as the markets digested South Africa’s mid-term budget update on the government’s finances.

Investors in South Africa will be looking closely at September budget balance numbers due at 1200 GMT for clues on the health of the local economy.

The government’s benchmark 2030 bond was weaker in early deals, with the yield up 5 basis points to 10.720%.

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