[CURRENCY] At 12:00, the rand traded at R18.29 against the dollar, as investors awaited a central bank decision on monetary policy later this week. Moneyweb Currency
The rand weakened against a stronger dollar on Monday, as investors awaited a central bank decision on monetary policy later this week. The dollar index, which measures the currency against six major rivals, was up more than 0.2% at 103.20.
“Volatility in the rand remains the order of the day, although the local unit did perform a little better last week, at least against the dollar,” ETM Analytics said in a research note. The South African Reserve Bank will announce its rate decision on Thursday, with markets expecting a 25-basis-point hike. The government’s benchmark 2030 bond was slightly stronger in early deals, with the yield down 1 basis points to 9.925%.
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