South Africa's rand weakens, stocks set to open higher

Jul 11, 2017

South Africa's rand weakened against a surging dollar early on Tuesday as investors awaited cues on the path of interest rate hikes in the United States ahead of Federal Reserve Chair Janet Yellen's testimony on Wednesday.

At 0645 GMT, the rand traded at 13.5375 per dollar, 0.41 percent weaker than its New York close on Monday.

The dollar index, which tracks the greenback against a basket of six major rivals, added 0.15 percent to 96.164 ahead of Yellen's semi-annual monetary policy testimony before Congress on Wednesday and Thursday.

Locally, focus on May manufacturing data due out at 1100 GMT.

Stocks were set to open higher at 0700 GMT, with the JSE securities exchange's Top-40 futures index up 0.53 percent.

In fixed income, the yield for the benchmark government bond due in 2026 rose by 2.5 basis points to 8.915 percent.

Reporting by Olivia Kumwenda-Mtambo; Editing by Joe Brock Reuters

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