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Rand slips after poor local manufacturing data

Data from Statistics South Africa released on Thursday showed that mining output was down 7.5% year-on-year in February, while manufacturing production barely grew, rising by 0.6%.

South African rand.  Picture: Christa Eybers/EWN

JOHANNESBURG - The rand weakened past the threshold of R14.00 to the dollar early on Friday on data pointing to weak economic growth.

At 0732 GMT the rand had weakened by 0.48% to R14.0750 after closing at R14.0075 in New York.

Rand Merchant Bank analyst Nema Ramkhelawan-Bhana said the rand was specifically suffering from evidence of weak growth i South Africa.

Data from Statistics South Africa released on Thursday showed that mining output was down 7.5% year-on-year in February, while manufacturing production barely grew, rising by 0.6%.

Ramkhelawan-Bhana added that political risk would become more apparent as national elections on 8 May approached.

“For now, the rand will trade off global happenings; this exposes it to two-way risk,” she said.

In fixed income, the yield on the benchmark government bond due in 2026 was up 2 basis points to 8.510% in early trade.

Meanwhile in the equities market, the Top-40 index inched up 0.05% to 51,965 points.

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