2024-01-29 08:45:45
The South African rand remained stable in early trade on Monday, amid weak risk appetite, as investors look to the Federal Reserve’s policy meeting this week for further clues on the trajectory of its interest rates.
At 0811 GMT, the rand traded at 18.7825 against the dollar, not far from its previous close of 18.7975.
The dollar was also little changed at 103.53 against a basket of currencies, ahead of the Fed’s two-day policy meeting starting Tuesday.
Risk appetite was subdued early Monday with tensions escalating in the Middle East after three U.S. soldiers were killed in Jordan, said Andre Cilliers, currency strategist at TreasuryONE.
This week the focus will be on the December money supply, budget and trade balance figures.
In the stock market, the Top-40 index was down 0.52%, while the general stock index was down 0.6% in early trading.
South Africa’s benchmark 2030 government bond was slightly stronger in early trading, with the yield down 0.5 basis points to 9.755%.
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