Johannesburg, June 28 (BNA): The South African rand weakened in early trading on Wednesday, giving up some gains from the previous session, as the US dollar rose.
At 0714 GMT, the rand was trading at 18.5700 against the dollar, 0.26% weaker than its previous close, Reuters reported.
And the dollar traded in its latest trading at 102.600 against a basket of world currencies, an increase of 0.088%.
The BRICS group of emerging economies – Brazil, Russia, India, China and South Africa – is scheduled to hold the summit in Johannesburg in August.
“This morning, the rand gave up some of that recovery but still shows further recovery potential,” ETM Analytics said in a note.
Like other emerging market currencies, the risk-sensitive rand is vulnerable to moves in global engines, such as the dollar, in the absence of domestic catalysts.
South African benchmark government bonds for 2030 were weaker in early deals, with the yield rising 1.5 basis points to 10.535%.
Rial
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