South Africa's rand starts week on back foot against dollar

  • Reuters
  • Forex News
South Africa's rand starts week on back foot against dollar
Credit: © Reuters.

JOHANNESBURG, Sept 17 (Reuters) - South Africa's rand was on the back foot against the dollar early on Monday as investors awaited details on a new round of U.S. tariffs against China later in the day and a local interest rates decision due on Thursday.

* At 0650 GMT the rand ZAR=D3 was 0.69 percent weaker at 15.0275 per dollar compared its close of 14.9250 on Friday.

* U.S. President Donald Trump is likely to announce new tariffs on about $200 billion of Chinese imports as early as Monday, a senior administration official told Reuters. This week investor attention also turns to the South African Reserve Bank (SARB), which announces its interest rates decision on Sept. 20.

* All bar one of the economists polled by Reuters last week predicted that the SARB would leave its main lending rate at 6.5 percent ZAREPO=ECI , as it weighs economic weakness against a pickup in inflation. In fixed income, the yield on the benchmark government bond due in 2026 ZAR186= was up 2.5 basis points to 9.200 percent.

* Stocks were set to open lower at 0700 GMT, with the JSE securities exchange's Top-40 futures index ALSIc1 down 0.63 percent.

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