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Rand weakens against dollar

The dollar hit 10-month highs against major currencies on the back of US GDP data.

The dollar hit 10-month highs against major currencies on the back of US GDP data. Picture: Craig Wynn/EWN.

JOHANNESBURG - The rand notched its third straight daily loss against the dollar on Wednesday, hitting 1-1/2 week lows as investors gravitated towards the greenback after US GDP data came out stronger than forecast.

The rand slumped to a session trough of 10.6920, its weakest since 18 July, and was down 0.83 percent at 10.6850.

"It's all about a stronger dollar globally after the US GDP; the domestic news flow has taken a backseat today," a trader with a Johannesburg investment bank said.

The dollar hit over 10-month highs against a basket of major currencies after the GDP data, which bolstered expectations for a more hawkish Federal Reserve statement later in the day.

Government bonds weakened alongside the rand, pushing yields to their highest levels in more than two weeks.

The 2026 instrument, which the secondary market uses as a benchmark, was yielding 6 basis points higher at 8.29 percent at the close of trade.

The shorter-dated 2015 paper added 4 basis points to 6.695 percent.

The rand has weakened more than 2 percent against the dollar since the start of the year, weighed by fears that wage strikes in the platinum and manufacturing sectors will keep economic growth depressed.