The South African rand jumped on Monday against a weaker dollar as market sentiment improved, despite ongoing tensions in the Middle East, analysts said.
At 1506 GMT, the rand traded at 18.7975 against the dollar , about 1.2% stronger than its previous close.The rand's gains are pointing at some improvement in market sentiment into the new week, but concerns that the Israeli-Hamas conflict could escalate into a regional matter remains, said Danny Greeff, co-head of Africa at ETM Analytics.
The rand, like most emerging market currencies, is highly susceptible to global drivers such as dollar movement and geopolitical tensions elsewhere in addition to local economic data points. Local investors will this week turn their attention to consumer inflation and retail sales data for hints on the South African Reserve Bank's potential interest rate path when it meets in November.
South Africa's benchmark 2030 government bond was little changed, the yield up 0.5 basis point to 10.735%.Half of Israeli hotel rooms are being used to house families evacuated from communities near the Gaza Strip, where an Oct. 7 rampage by Hamas gunmen triggered a cross-border war, the head of the Israel Hotel Association said on Monday.
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