Rand and bonds in weaker environment despite November trade surplus
SA recorded a trade surplus of R1.77bn for November, a turnaround from the R5.34bn deficit recorded in November 2014, according to figures released by the South African Revenue Service (SARS) on Wednesday. The cumulative deficit for 2015 of R58.18bn is 42.1% less than for the same period last year, when it was R100.48bn.
By 8.30am the rand was trading at R15.5495 against the dollar from a previous close of R15.5531. Against the euro, the local unit was at R16.9959 from R17.0044 and was at R23.0438 against the pound from R23.0613 previously. The euro was little changed against the dollar at $1.0930.
Local bonds came under pressure as they took their cue from the weaker local currency. The benchmark R186 was bid at 9.690% and offered at 9.670% from a Wednesday close of 9.630%. The middle-dated R207 was bid at 9.110% and offered at 9.085% from 9.100% previously.
Source: AFP