South Africa's rand remains under pressure

  • Reuters
  • Forex News
South Africa's rand remains under pressure
Credit: © Reuters.

JOHANNESBURG, Oct 2 (Reuters) - South Africa's rand retreated early on Tuesday, and local bonds fell amid subdued risk appetite.

* The rand ZAR=D3 was 0.49 percent weaker at 14.2950 per dollar at 0645 GMT, having closed in New York at 14.2250.

* The currency is expected to trade between 14.2000 and 14.4000 to the dollar on Tuesday, NKC African Economics wrote in a note.

* The rand remained under pressure as new vehicle sales data for September showed a 1.9 percent decline on Monday, reflecting weak demand in the economy. Investors are cautious following second-quarter gross domestic product data on Sept. 4 which showed the economy had entered a recession. In fixed income, the yield on the benchmark government bond due in 2026 ZAR186= rose 4 basis points to 9.080 percent, reflecting weaker bond prices.

* Stocks are due open weaker at 0700 GMT, with the JSE securities exchange's Top-40 futures index ALSIc1 down 0.80 percent.

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