JOHANNESBURG (Reuters) – South Africa’s rand started the new year on a positive note on Thursday after a volatile end to 2024.
At 0803 GMT, the rand traded at 18.7625 against the dollar, about 0.6% stronger than its previous close.
Like most emerging market currencies, trade in the rand was turbulent in November and December after Donald Trump was elected U.S. president, amid uncertainty over his promised tariffs and other policies and a more hawkish Federal Reserve outlook.
“The short-term outlook for the local currency remains negative as international factors and the strength of the Dollar weigh,” Andre Cilliers, currency strategist at TreasuryONE, wrote in a note.
On the stock market, the Top-40 index was up about 1%.
South Africa’s benchmark 2030 government bond was marginally stronger, with the yield down 1 basis point to 9.04%.
(Reporting by Bhargav Acharya; Editing by Andrew Heavens)
