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Rand slips in early trade

Similar falls were seen in other emerging market currencies like the Russian rouble and Turkish lira.

Picture: Pixabay.com

JOHANNESBURG - The rand slipped early on Tuesday, as the dollar inched higher following a recent slump.

At 0640 GMT, the rand traded at R13.9550 versus the US currency, 0.5% weaker than its previous close.

Similar falls were seen in other emerging market currencies like the Russian rouble and Turkish lira.

The dollar index, which tracks the greenback against a basket of major peers, was 0.15% stronger.

The rand enjoyed a strong start to 2019, helped by dovish comments by US Federal Reserve policymakers which have hurt the dollar.

It is still up more than 2.5% against the dollar this year despite Tuesday’s decline.

Government bonds were also weaker in early deals, with the yield on the 2026 bond up 4 basis points to 8.810%.

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