Monday , May 23 2022

Rand is somewhat safer in early trade



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Rend on Monday was a bit weaker in early trading, as investors assessed the risk of a soft dollar and the direction of local interest rates.

Picture: Delivered.

JOHANNESBURG – Rand was slightly weaker in early trading on Monday, as investors assessed the risk of a soft dollar and the direction of local interest rates.

On 0638 GMT, rand traded with R14.0300 per dollar, 0.34% softer than its ending night.

"We believe that there is a big chance that the South African Reserve Bank will increase its repo rate by 25 basis points to 6.75%," Nedbank said in his remarks.

"From a currency perspective, an increase in interest rates and a higher local real interest rate should better support the currency," the bank said.

Government bonds were flat, with the yield on the reference instrument reaching 20.10 in 2026 to 9.105%.

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