South African Rand falls, focus on president’s cabinet choices By Reuters, JOHANNESBURG (Reuters) – fell early on Thursday as investors turned cautious ahead of newly re-elected President Cyril Ramaphosa’s cabinet appointments under a unity government.
At 0726 GMT, the rand was trading at 17.9850 against the dollar, 0.15% weaker than the previous close.
The local currency had strengthened to a nearly eleven-month high of 17.9200 on Wednesday after five political parties joined the African National Congress last week in forming a national unity government after it lost its absolute majority had lost in the general election.
“Markets will now be watching with interest President Ramaphosa’s cabinet appointments,” said Andre Cilliers, currency strategist at TreasuryONE.
No major economic data is expected in South Africa until next Thursday, when Statistics South Africa will release monthly figures on producer inflation.
In the stock market, the Top 40 index rose 0.2% in early trading.
South Africa’s 2030 government bond was weaker, with yields rising 4 basis points to 9.785%.
