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South African Rand Strengthens as Investors Gauge Russia’s impact
The South African rand strengthened marginally in early trading on Monday, with investors monitoring the potential repercussions of the recent failed mutiny in Russia. At 0703 GMT, the rand was trading at 18.7250 against the dollar, representing a 0.2% increase compared to its previous close as reported by Business Recorder.
The global market impact of the brief rebellion by Russian mercenaries over the weekend remained uncertain, causing slight upward pressure on global oil prices due to concerns about Russian stability and crude supply.
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On the domestic front, Eskom, the state utility company, announced on Sunday that power cuts would be implemented at relatively low levels throughout the week as improved power station reliability resulted in increased generation capacity. This comes as a slight relief to South Africans enduring daily power cuts of around 10 hours as the country faces its most severe power crisis on record.
South Africa’s May producer price index on Thursday will provide further insights into the state of Africa’s most industrialised economy, as well as money supply, budget, and trade figures on Friday.
In early trading, South Africa’s benchmark 2030 government bond showed slight weakness, with the yield increasing by 0.5 basis points to 10.680%.
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