JOHANNESBURG (Reuters) -South Africa’s rand was broadly steady against a softer dollar on Thursday, shrugging off a disappointing local survey that showed private sector activity in the country contracted in March.
At 1533 GMT, the rand traded at 18.6675 against the dollar, near its previous close of 18.6700.
The S&P Global South Africa Purchasing Managers’ Index showed private sector activity fell to 48.4 in March from 50.8 in February as stronger price pressures and drought conditions affected customer demand.
A reading above 50 shows growth.
The dollar index was last down 0.19% against a basket of other major currencies.
Federal Reserve Chair Jerome Powell on Wednesday made balanced and familiar remarks on the direction of future interest rates.
Gold prices rallied on his comments, while emerging market currencies including the rand gained.
On the stock market, the Top-40 closed 1.81% higher, led by Impala Platinum and Sibanye Stillwater, which were up 10.05% and 9.23% respectively.
South Africa’s benchmark 2030 government bond was stronger, with the yield down 10 basis points to 10.435%.
(Reporting by Bhargav Acharya; Editing by Toby Chopra, Kirsten Donovan)
