Policy, Law, Economics and Politics - Deepening Democracy through Access to Information
This privately-owned website is operated and maintained by Creamer Media
We have detected that the browser you are using is no longer supported. As a result, some content may not display correctly.
We suggest that you upgrade to the latest version of any of the following browsers:
close notification
25 June 2017
Article by: Reuters
Photo: Bloomberg
Embed Code Close

South Africa's rand steadied early on Monday after selling in the previous session as rising interest rates in the US weakened demand for emerging market currencies.

At 0637 GMT, the rand traded at 12.7925 per dollar, compared with its New York close of 12.8050 on Friday.

"The strong dollar, combined with continued media headlines related to the Mining Charter, makes us believe the rand is biased for weakness," Rand Merchant Bank analyst Isaah Mhlanga said in a note.

The revised Mining Charter issued by the government on Thursday raised the minimum threshold for black ownership of mining companies to 30 percent from 26 percent and gave companies 12 months to meet the target, hitting mining stocks and the rand.

Focus this week on first-quarter current account data due out on Tuesday and May consumer price inflation numbers to be released on Wednesday.

Stocks were set to open higher at 0700 GMT, with the JSE securities exchange's Top-40 futures index up 0.51 percent.

In fixed income, the yield for the benchmark government bond due in 2026 dipped 1 basis point to 8.475 percent.

Edited by: Reuters
Comment Guidelines (150 word limit)
  Topics on this page
Industry Term
Market Index
Online Publishers Association