JOHANNESBURG (Reuters) -South Africa’s rand slipped on Monday after a week of volatile trading driven by tensions in the Middle East.
At 1552 GMT, the rand traded at 19.1450 against the U.S.
dollar, 0.37% weaker than its previous close.
The rand lost ground last week as reports of an Israeli strike on Iran caused fears of heightened conflict and pushed traders toward the safe-haven dollar.
The dollar was last trading 0.1% firmer against a basket of currencies.
In South Africa, a leading business cycle indicator is due on Tuesday and March producer price inflation will be released on Thursday.
Analysts said focus will also be on upcoming U.S. personal consumption expenditure (PCE) price index and Q1 GDP report for hints on the Federal Reserve’s potential rate cuts.
Investec chief economist Annabel Bishop said domestic risk aversion remained high ahead of a national election on May 29.
On the stock market, both the Top-40 index and the broader all-share index closed around 0.3% higher.
South Africa’s benchmark 2030 government bond was stronger, with the yield down 2 basis points to 10.755%.
(Reporting by Nellie Peyton and Bhargav Acharya; Editing by Sharon Singleton and Alison Williams)
