The South African rand slipped in early trade on Monday, adding to losses of more than 4% against the dollar last week, with the market focus this week on global inflation readings out of major economies including the U.S. and China.
At 0610 GMT, the rand traded at 18.4900 against the dollar , around 0.2% weaker than its Friday close, reflecting a similar rise in the dollar on global markets.it got a reprieve on Friday"Looking at the week ahead, currency markets will be focused on the release of inflation readings out of China, Germany and the United States," Rand Merchant Bank analysts said in a research note.
"This data can recalibrate the market's outlook on monetary policy once again, which will feed directly into currency prices, thus a cautious start to the week is envisaged."Central bank data showed the country's net foreign reserves rose in July, to $55.626 billion from $54.936 billion in June.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
South African fibre veterans launch United States expansion planA major South African fibre player has partnered with over 100 investors to take on one of the biggest markets in the world.
Read more »