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Rand edges higher as dollar wavers amid political turmoil

Peregrine Treasury Solutions said in a note that locally there had been little change in the political landscape throughout the week, and the rand’s performance was, as usual, driven by global events, which kept it under pressure.

South African rand.  Picture: Christa Eybers/EWN

JOHANNESBURG - The rand inched up against the dollar on Friday, benefiting from a softer greenback as investors weighed fresh political turmoil in the United States and awaited the next turn in the Sino-US trade negotiations.

Rand was at R15.0350 versus the greenback, as of 0523 GMT, 0.1% stronger compared with the previous session’s close.

The dollar drifted from multi-week highs against most major currencies on Friday as markets geared for an impeachment probe launched against US President Donald Trump and talks between the United States and China continued.

Peregrine Treasury Solutions said in a note that locally there had been little change in the political landscape throughout the week, and the rand’s performance was, as usual, driven by global events, which kept it under pressure.

The currency would continue to be at the mercy of the global environment over the coming week, it continued, though there were some local as well as international data releases, such as new vehicle sales, taking place.

“The rand has moved towards a leg weaker, with the new target level being set at R15.06/$, with a break above this signalling a new bout of weakness that could see the currency target R15.20,” Peregrine Treasury said.

Government bonds were flat, with the yield on benchmark 2026 instrument at 8.32%.