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Rand firmer as risk selloff pauses

The rand shed close to 2% in the previous week but remained one of the better performing emerging currencies with the post-election positivity limiting losses, with investors awaiting the announcement of a new cabinet.

Picture: Christa Eybers/EWN

JOHANNESBURG - The rand rose early on Monday after a sharp slide in the previous week as a sell-off in risk assets globally slowed, with investors positioning for an event-packed week.

At 0645 GMT the rand was 0.31% firmer at R14.4025 per dollar compared with its Friday close of R14.4475 in New York.

Last week the rand and other emerging market currencies fell as the trade spat between Beijing and Washington worsened, while solid economic data from the United States also pushed money toward to greenback - lifting the world’s reserve currency to 2-week highs.

The rand shed close to 2% in the previous week but remained one of the better performing emerging currencies with the post-election positivity limiting losses, with investors awaiting the announcement of a new cabinet.

Before the announcement by incoming President Cyril Ramaphosa after this weekend’s inauguration, Statistics South Africa publishes consumer inflation data on Wednesday and the central bank decides on lending rates on Thursday.

Bonds were steady, with the yield on the benchmark 10-year government issue due in 2026 adding 0.5 basis points to 8.52%.

In stocks, food group Pioneer reported a decline in half-year earnings, with headline earnings per share (HEPS) falling 14%, driven down by maize shortages.

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