Home Business South Africa’s rand steadies, stocks set to open higher

South Africa’s rand steadies, stocks set to open higher


Johannesburg   –    South Africa’s rand steadied early on Tuesday against the dollar, which rose in the previous session after strong U.S. manufacturing figures hardened expectations for another Fed interest rate hike this year.

At 0645 GMT, the rand traded at 13.5900 per dollar, not far off its overnight close of 13.5975.

Emerging market currencies have been pressured in past weeks by expectations of a U.S. rate rise, and more recently by signals that a more hawkish policymaker could take over as U.S. Federal Reserve chief next year.

A dim local economic outlook has also weighed on the rand.

Stocks were set to open higher at 0700 GMT, with the JSE securities exchange’s Top-40 futures index up 0.55 per cent.

In fixed income, the yield for the benchmark government bond due in 2026 was flat at 8.615 per cent.

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