September 19, 2021

South African rand drifts lower, tracking dollar moves

A street money changer counts South African Rands in Harare, Zimbabwe, file. REUTERS/Philimon Bulawayo

JOHANNESBURG, Sept 8 (Reuters) – The South African rand drifted lower early on Wednesday, tracking the dollar, which rose to a one-week peak on higher Treasury yields.

At 0649 GMT, the rand traded at 14.3350 against the dollar, about 0.2% weaker than its Tuesday close.

The rand has shrugged off domestic data releases including better-than-expected second-quarter gross domestic product (GDP) figures on Tuesday, responding to global factors instead. read more

Along with other risk-sensitive currencies, a driver has been the changing outlook for U.S. monetary policy, including when the Federal Reserve will taper its pandemic-era stimulus measures. read more

On Thursday, domestic data releases include second-quarter current account (ZACAGP=ECI) and July manufacturing (ZAMFG=ECI)

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