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Rand retreats in early trade

The currency is expected to trade between R14.0500 and R14.3500 to the dollar on Monday, NKC African Economics wrote in a note.

Picture: Christa Eybers/EWN

JOHANNESBURG - The rand retreated early on Monday, in line with falls in local bonds and stocks, as investor appetite for riskier assets was muted.

The rand was 0.27% weaker at R14.1950 per dollar at 0702 GMT, having closed in New York at R14.1500.

The currency is expected to trade between R14.0500 and R14.3500 to the dollar on Monday, NKC African Economics wrote in a note.

The rand had been supported on Friday by upbeat trade data showing a surplus of R8.79 billion ($619 million) in August.

South Africa-focused investors were awaiting the release of the Absa/BER manufacturing Purchasing Managers’ Index (PMI) for September, as well as new vehicle sales, on Monday.

In fixed income, the yield on the benchmark government bond due in 2026 rose 2 basis points to 9.020%, reflecting weaker bond prices.

Stocks were also weaker, with the top-40 index down 0.4% in early trade.