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Rand edges lower after tumble on Chinese data

Simon Osuji by Simon Osuji
August 1, 2023
in Finance
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The rand edged lower in early trade on Tuesday after falling over 1% on Monday on the back of weak Chinese manufacturing data.

At 09:11, the rand traded at R17.94 against the dollar.

The dollar last traded at 101.960, around 0.08% firmer against a basket of global currencies.

“The rand lost ground yesterday as the dollar firmed, and China’s economic woes raised global growth concerns once again and dampened risk appetite,” said Andre Cilliers, currency strategist at TreasuryONE.

At around 1200 GMT, the National Association of Automobile Manufacturers of South Africa will release the country’s vehicle sales data for July.

South Africa’s benchmark 2030 government bond was also slightly weaker in early deals, with the yield up 3 basis points to 10.245%.



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