Rand edges higher, mid-term budget in sight

The rand edged higher in early trade on Friday ahead of the mid-term budget next week which will provide insight into the health of Africa’s most industrialised economy.

At 0633 GMT, the rand traded at R18.93 against the dollar.

The dollar last traded around 0.05% stronger against a basket of global currencies.

The rand has had a turbulent week, taking direction from global factors like US economic data, with the few domestic economic data points in the backseat.

Investors will on Wednesday turn their attention to South Africa’s mid-term budget for clues on the health of the economy, which has been battling high inflation and rolling power cuts.

South Africa’s benchmark 2030 government bond was slightly up in early deals, with the yield down 1 basis point to 10.690%.