The rand edged lower against the dollar on Monday, as traders gauge an eventful week that will host the release of inflation data and the central bank’s first repo rate decision of the year.
Just before midday, the rand traded almost 1% weaker at R19.19 against the dollar.
The dollar was down about 0.09% against a basket of global currencies.
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The rand fell sharply last week and has yet to claw back lost ground, as the greenback firmed after investors lowered their expectations of a March rate cut by the Federal Reserve.
Read: Rand weakens to over R19 to the dollar on sobering interest rate sentiment
Statistics South Africa will release consumer and producer price inflation figures for December this week, ahead of the South African Reserve Bank’s (Sarb) repo rate decision on Thursday.
Sarb governor Lesetja Kganyago has said he wants to see inflation decline sustainable to the 4.5% mark before considering rate cuts. Consumer inflation was at 5.5% in November and is expected to average 5% in 2024.
South Africa’s benchmark 2030 government bond was flat in early deals, with the yield at 9.765%.
* Update by Moneyweb.
