Categories: EconomyNews

Rand is steady ahead of inflation

Published by
Nonhlanhla P Dube

The rand was trading at R17.10 per dollar in early trade, unchanged from the previous close.
The rand was flat in early trade on Wednesday, ahead of monthly inflation data that investors are expecting to provide clues on the central bank’s tightening course.

The rand was trading at R17.10 per dollar at 0705 GMT, unchanged from the previous close. statistics South Africa’s consumer price index for June is likely to be released today. It is expected to show a 7.2% annual growth in the headline figure, which is higher than the 6.5 % recorded in May and higher than the South African Reserve Bank’s goal range of 3 % to 6 %.

“Should this be enough to trigger wagers on a more aggressive Sarb rate-hike trajectory,” ETM Analytics wrote in a note.

On Thursday, the South African Reserve Bank will announce its interest rate decision.

In early trading, the Top-40 index was up 0.51 %, while the broader all-share index was up 0.46 %.

The yield on the government’s benchmark 2030 bond was flat in early trades, at 11.10%.

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Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

Published by
Nonhlanhla P Dube
Tags: rand
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