#RandReport: Rand retreats in cautious trade

At 15:00 GMT, the rand was down 0.27% to 13.1825 per dollar.

Picture: EWN.

JOHANNESBURG - South Africa's rand weakened on Monday, giving up gains from last week, with traders cautious ahead of the United States Federal Reserve's annual central banking symposium and local inflation data later in the week.

At 15:00 GMT, the rand was down 0.27% to 13.1825 per dollar.

Last week, the South African currency benefitted as investors globally hunted for higher yields through carry trades, in which they sell a currency with a relatively low-interest rate and buy one offering a higher rate.

But on Monday the dollar bounced back, with markets cheering President's Donald Trump's firing of Steve Banon as senior White House adviser, betting the move would ease tensions within the Republican Party.

Traders also held off on big bets ahead of the release of July consumer price data on Wednesday which could give clues on the next interest rate move by South Africa's Reserve Bank following June's surprise cut.

On the bourse, stocks ended slightly stronger, with miners among the top gainers as commodity prices cruised higher.

The JSE Top-40 index rose 0.2% to 49,029 and the broader All-share index gained by the same margin to 55,450.

Mining heavyweights BHP Billiton and Anglo American were in demand, rising 1% and 1.2 respectively, thanks to firmer industrial metal prices.

In fixed income, bonds were slightly firmer, with the yield on benchmark paper due in 2026 falling 1 basis point to 8.525%.