South African Rand Strengthens as Foreign Reserves Increase

South African Rand Strengthens as Foreign Reserves Increase

In early trading on Monday, the South African rand strengthened, following a report from the central bank indicating a rise in the country’s foreign reserves last month. 

By 0809 GMT, the rand was valued at 18.6100 against the U.S. dollar, marking a 0.4% improvement from its last closing. 

Meanwhile, the dollar experienced a minor decline of approximately 0.04% when measured against a group of international currencies.

According to data from the central bank, South Africa’s net foreign reserves increased to $57.513 billion at the close of March, up from $56.652 billion in February. 

Additionally, the country’s gross reserves saw an upturn, reaching $62.323 billion in March, compared to $61.653 billion the month before. 

More economic indicators, including statistics on gold and mining output and manufacturing numbers for February, are anticipated to be published later in the week.

In the stock market, the Top-40 index along with the wider all-share index observed a 0.38% rise in early trading sessions. Conversely, South Africa’s leading 2030 government bond showed signs of weakening, with the yield climbing 4 basis points to 10.565%.

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