JOHANNESBURG (Reuters) -South Africa’s rand firmed on Friday while local investors geared up for the country’s mid-term budget next week.
At 1510 GMT, the rand traded at 17.64 against the dollar, about 0.1% stronger than its previous close.
The dollar last traded about 0.02% softer against a basket of currencies.
With little domestic data on the radar, the risk-sensitive rand tracked movements in the greenback on Friday.
Later on Friday, South African Reserve Bank Governor Lesetja Kganyago will give a talk on monetary policy after the COVID pandemic at the International Monetary Fund and World Bank’s 2024 annual meeting.
Next week, investors will look to South Africa’s Medium Term Budget Policy Statement for clues on the fiscal outlook of Africa’s most industrialised economy. The statement could provide insight into the country’s budget deficit.
A Reuters poll found that the National Treasury will trim its 2024/25 budget deficit estimate as it aims to lower interest payments on debt.
On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed about 0.1% higher.
South Africa’s benchmark 2030 government bondgained as the yield slipped 9 basis points to 9.275%.
(Reporting by Tannur Anders;Editing by Alison Williams and Maju Samuel)
