The rand strengthened early on Friday, extending gains made the previous day as the dollar dropped from recent peaks.
At 0725 GMT, the rand traded at R18.91 against the dollar.
There were no economic data releases expected in South Africa on Friday.
ADVERTISEMENT
CONTINUE READING BELOW
Investors will now turn their attention to next week’s budget presentation, which will lay out the government’s spending priorities, revenue collection measures and updated economic forecasts for the coming year.
“The rand could continue to drift stronger today, with the momentum of the bond market continuing to keep the US dollar under pressure and to favour emerging market currencies,” said Andre Cilliers, Currency Strategist at TreasuryONE:
On the stock market, the Top 40 index and the broader all-share were up about 0.4% in early trade.
South Africa’s benchmark 2030 government bond was slightly weaker in early deals, with the yield up 1 basis point to 10.055%.
