South African rand slides, bonds firm as dollar on foot

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JOHANNESBURG, May 4 (Reuters) – The South African rand weakened against a dominant dollar on Tuesday, erasing the previous day’s gains as investors awaited upcoming data and policy speeches. Read more

At 15:30 GMT, the rand was trading at 14.4950 against the dollar, 0.6% lower than its previous close.

With no major changes in South Africa, the rand has taken its cue from global sentiment in recent weeks.

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Although rand assets offer some of the highest real returns in major emerging markets, Africa’s most industrialized economy faces challenges, including a rapid accumulation of public debt exacerbated by the COVID-19 pandemic. . Read more

Government bonds strengthened on Tuesday, with the 2030 issue yielding 9.15%, down 4 basis points.

On the Johannesburg Stock Exchange, shares fell as the US market opened, which saw a tech-focused selloff. Read more

Johannesburg Stock Exchange All-Share Index (.JALSH) closed down 0.62% at 66,174 points, and the blue chips index (.JTOPI) fell 0.65% to 60,376 points.

The bank (.JBANK) and industrial (.JINDI) the indexes fell 0.64% and 1.18%, respectively. Naspers, stock market heavyweight (NPNJn.J) lost about 2%.

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Reporting by Olivia Kumwenda-Mtambo; Editing by Kirsten Donovan

Our standards: The Thomson Reuters Trust Principles.

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