JOHANNESBURG (Reuters) – edged decrease early on Thursday, as traders turned cautious forward of newly re-elected President Cyril Ramaphosa’s cupboard appointments beneath a unity authorities.
At 0726 GMT, the rand traded at 17.9850 in opposition to the greenback, 0.15% weaker than its earlier shut.
The native forex had strengthened to a close to 11-month excessive of 17.9200 on Wednesday after 5 political events joined the African Nationwide Congress final week in forming a authorities of nationwide unity, after it misplaced its absolute majority typically election.
“Markets will now be watching President Ramaphosa’s cupboard appointments with curiosity,” stated Andre Cilliers, forex strategist at TreasuryONE.
There is no such thing as a main financial information due in South Africa until subsequent Thursday when Statistics South Africa will launch month-to-month producer inflation figures.
On the inventory market, the Prime-40 index was up 0.2% in early commerce.
South Africa’s benchmark 2030 authorities bond was weaker, with the yield up 4 foundation factors at 9.785%.
