Rand starts week on back foot against dollar


The rand was within the back foot up against the dollar at the beginning Monday as investors awaited exactly a different round folks tariffs against China later while in the day plus a local rates decision due on Thursday.

At 0650 GMT the rand was 0.69% weaker at 15.02 per dollar compared its close of 14.92 on Friday.

US President Mr . trump is probably going to announce new tariffs on about $200 billion of Chinese imports as early as Monday, a senior administration official told Reuters.

This week investor attention also turns southerly African Reserve Bank (Sarb), which announces its interest rates decision on September 20.

All bar among the list of economists polled by Reuters last week predicted that the Sarb would go away its main lending rate at 6.5%, while it weighs economic weakness against a pickup in inflation.

In fixed income, the yield on the benchmark government bond due in 2026 was up 2.5 basis points to 9.200%.

Stocks were set to read lower at 0700 GMT, while using JSE securities exchange’s Top 40 Futures index down 0.63%.