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Rand falls as rising US bond yields lift dollar

The local currency slipped late on Monday after setting a three-week high against the dollar late last week.

Picture: Supplied.

JOHANNESBURG - The rand was weaker early on Tuesday, hurt by a stronger dollar which benefited from rising US bond yields.

At 06:10 GMT, the rand traded at 12.4100 versus the dollar, 0.6% lower than its close on Monday.

The dollar index rose more than 0.2% against a basket of major currencies.

The rand slipped late on Monday after setting a three-week high against the dollar late last week.

The currency has been led by external factors in recent weeks, but market attention this week is focused on local unemployment and retail sales data.

Unemployment figures for the first quarter are due out on Tuesday, with retail sales for March on Wednesday.

Investors will scrutinise the data for signs that an economic recovery has built momentum since President Cyril Ramaphosa’s election in February.

Government bonds were also weaker in early trade, with the yield on the benchmark instrument due in 2026 up 6 basis points to 8.400%.

South Africa is scheduled to hold a bond auction later on Tuesday.

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