South Africa’s rand inches down in thin holiday trading

South Africa’s rand inches down in thin holiday trading

South African Rand coins are witnessed in this illustration image taken Oct 28, 2020. REUTERS/Mike


South African Rand coins are witnessed in this illustration image taken Oct 28, 2020. REUTERS/Mike Hutchings/Illustration

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JOHANNESBURG, Dec 29 (Reuters) – South Africa’s rand inched decreased from the greenback on Wednesday, as the currency struggled to make gains in vacation-thinned trade in the final week of 2021 inspite of elevated hunger for riskier property globally.

By 1505 GMT, the rand was 15.8950 towards the dollar, .82% weaker than its prior close.

“A break earlier mentioned the R15.85 level could open up the way for a transfer back to the R15.95/R16.00 spot,” Andre Cilliers, a currency strategist at TreasuryONE, said.

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Trading was thin as most traders took time off for Xmas or the close of the year, even though optimism that the Omicron coronavirus variant would not derail worldwide economic momentum was the most important driver of danger hunger.

On the stock current market, the Major-40 (.JTOPI) index edged 1.14%better to 66,613 points and the broader all-share (.JALSH) was up 1.1% at 73,238 factors.

In set money, the yield on the benchmark 2030 governing administration bond was flat at 9.4%.

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Reporting by Nqobile Dludla and Olivia Kumwenda-Mtambo Enhancing by Barbara Lewis

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