Rand strengthens ahead of central bank policy review

The rand strengthened in early trade on Tuesday, ahead of the central bank’s biannual monetary policy review due later in the day.

At 09:08 the rand was at R17.72 against the dollar.

The dollar index, which measures the currency against six rivals, was last down 0.22% at 111.32.

Emerging market currencies including the rand were aided by a softer dollar after the safe-haven currency lost some support overnight following local economic data showing a slowdown in US manufacturing.

At home, investors will be looking at the South African Reserve Bank’s release of its biannual monetary policy review later in the day, which could shed light on the trajectory for interest rates in Africa’s most industrialised economy.

The government’s benchmark 2030 bond was up in early deals, with the yield down 9 basis points to 10.590%.

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