South African rand flat against dollar, stocks slip

1 minute read

South African Rand coins are seen in this illustration picture taken October 30, 2020. REUTERS/Mike Hutchings

Register now for FREE unlimited access to

Aug 22 (Reuters) - South Africa's rand was flat on Monday, as the dollar continued to surge after more Federal Reserve officials flagged the likelihood of aggressive interest rate hikes.

At 1511 GMT, the rand traded at 17.0150 against the dollar, 0.07% stronger than its previous close.

Local investors will be looking this week at July consumer (ZACPIY=ECI) and producer (ZAPPIY=ECI) inflation, second-quarter unemployment (ZAUNR=ECI) and a leading business cycle indicator (ZALEAD=ECI) for clues on the health of the economy.

Register now for FREE unlimited access to

Global investors will be eyeing the Jackson Hole symposium later this week, where Fed Chair Jerome Powell headlines a host of policy makers.

On the Johannesburg Stock Exchange (JSE), the Top-40 (.JTOPI) index closed down 0.78% at 62,482 points, while the broader all-share (.JALSH) dropped 0.75% to 69,195 points.

The government's benchmark 2030 bond was stable at 10.315%.

Register now for FREE unlimited access to
Reporting by Bhargav Acharya in Bengaluru and Anait Miridzhanian in Gdansk Editing by Toby Chopra and Matthew Lewis

Our Standards: The Thomson Reuters Trust Principles.