Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

South African rand firms up to two-month high level

09/10/2021 | 12:39pm EDT
A street money changer counts South African Rands in Harare

JOHANNESBURG (Reuters) -South Africa's rand posted its third consecutive week of gains on Friday, scaling back to a level seen two months ago as stronger local data and a risk-on mood globally supported the currency against the dollar.

At 1550 GMT, the rand traded at 14.1900 against the dollar, roughly 0.18% stronger than its previous close, and gaining 3.5% in the last two weeks.

The country's foreign exchange reserves increased to $58.41 billion in August, from $54.46 billion in July boosted further by maturity of foreign exchange swaps, FirstRand Bank said in a note.

This helped in strengthening the currency.

The upbeat mood was further bolstered by South Africa's second-quarter gross domestic product number which grew 1.2% quarter on quarter, versus expectations for 0.7% growth.

"While we remain comfortable with our view that the currency will weaken over the coming years, we have trimmed our end-year forecast to 15.25/$ (previously 15.5/$)," Jason Tuvey, senior emerging markets economist at Capital Economics wrote in a note.

Stocks listed on the Johannesburg Stock Exchange ended Friday marginally stronger but with a heavy loss seen during the week on the back of losses suffered by index heavyweights Naspers and mining companies.

The country's biggest company, tech investor Naspers, and its subsidiary Prosus NV, corrected sharply this week as China continued to clamp down through regulations on internet and gaming companies including Tencent Holdings, where Prosus holds up to 29% stake.

Mining companies also have been losing most of their yearly gains in prices as commodity prices show signs of a decline after a strong run till around mid of August.

The benchmark all-share index ended the day up 0.19% but was down over 3% from last Friday. The blue-chip index of top 40 companies closed up 0.27%.

The yield on the benchmark 2030 bond was little changed at 8.855% early on Friday.

(Reporting by Alexander Winning and Promit Mukherjee, Editing by Jane Merriman and Angus MacSwan)


ę Reuters 2021
Latest news "Economy & Forex"
10/15Third electricity provider calls it quits in Singapore
RE
10/15Boeing workers stage protest near Seattle over U.S. vaccine mandate
RE
10/15Exxon begins phone campaign to win Texas refinery worker votes for contract - union
RE
10/15White House meets U.S. Chamber of Commerce, other industry groups on vaccine rule
RE
10/15Evergrande's $1.7 billion Hong Kong headquarters sale flops as buyer withdraws -sources
RE
10/15Evergrande CEO in Hong Kong for restructuring, asset sale talks, sources say
RE
10/15Evergrande's Swedish electric vehicle unit in sale talks, CEO says
RE
10/15TRADE TO THE RESCUE : Unleashing Global Trade to Support Economic Growth
PU
10/15WORLD BANK TOKYO ONLINE MORNING SEMINAR #123 “EBB AND FLOW : Water, Migration, and Development”
PU
10/15U.S. to probe Texas air regulator's rulings for racial bias
RE
Latest news "Economy & Forex"