Posted 10/16/2023, 7:11:00 AM
South African Rand Rallies as Middle East Tensions Weaken Dollar
- South African rand strengthens against dollar as Middle East tensions boost oil price and weaken dollar
- Rand trading around 18.9500 against dollar, up 0.4% from previous close
- Dollar eases 0.1% against basket of major currencies
- Rand may stay range-bound around 19.00 for coming weeks due to global stresses, says RMB
- Local data on inflation and retail sales will give clues on potential interest rate moves by South African Reserve Bank
- South Africa's 2030 benchmark bond flat in early trading at 10.720%