South African rand gains momentum as dollar slips

• The South African rand gained as the U.S. dollar retreated from a six-month high.
• Rand traded at 18.9800 against the dollar, up nearly 0.3%.
• The dollar index also fell by 0.18% against other currencies.

The U.S. dollar declined on Friday from a six-month high achieved the day before, which helped the rand in South Africa gain momentum.

The rand was trading at 18.9800 against the dollar at 06:36 GMT, up almost 0.3% from its previous close.

In relation to a basket of currencies, the dollar index most recently decreased by 0.18%.

The rand hasn’t changed much since the beginning of the week, but on Thursday it fell when mining data revealed an unexpected decline in production in July.

Analysts predict that the rand will follow the dollar’s performance on Friday since there are no significant domestic economic events planned.

Investors in South Africa will be watching local inflation data and the central bank’s decision on interest rates coming up next week.

Early deals saw a little deterioration in the benchmark 2030 government bond for South Africa, with a 1 basis point increase in yield to 10.450%.

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