The rand was little changed in early trade on Monday ahead of an economic survey that could shed light on the business conditions in Africa’s most industrialised economy. At 08:37, the rand traded at R19.52 against the dollar. The dollar was last trading around 0.04% stronger – at 104.190 – against a basket of global currencies. The rand has made some recovery since hitting an all-time low last week when the South African currency traded at R19.90 to the greenback.
“ geo-diplomatic risk has peaked, and foreign investors are starting to dip their toes back into , but a strong dollar reduces scope for rand gains,” said Rand Merchant Bank analysts in a research note. The May S&P Global South Africa Purchasing Managers Index is due to be published at 0715 GMT. Investors will turn their attention on Tuesday to Statistics South Africa for the country’s first quarter gross domestic product figures. “It’s a very light week for the markets.
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