UPDATE 1-South African rand lifted by weaker dollar

  • Reuters
  • Forex News
UPDATE 1-South African rand lifted by weaker dollar
Credit: © Reuters.

(Updates to reflect afternoon trade)

JOHANNESBURG, May 3 (Reuters) - The South African rand gained on Monday, helped by the U.S. dollar falling as Treasury yields retreated and economic data disappointed.

At 1610 GMT, the rand ZAR=D3 traded at 14.4000 against the dollar, 0.6% stronger than its close on Friday.

The dollar .DXY was down 0.3% against a basket of currencies, after data showed U.S. manufacturing activity grew at a slower pace in April and construction spending rebounded far less than expected in March. survey also showed South Africa's manufacturing activity grew less quickly in April, but it did little to affect the rand. attention will soon turn to a scheduled review of South Africa's sovereign credit by Moody's on Friday.

The rating agency already has the country's debt in "junk" status, and the question is whether it will cut that rating further still.

The Johannesburg Stock Exchange saw broad-based falls on Monday for companies including miners and banks while several big overseas markets were closed for public holidays. All-share index .JALSH closed down 0.52% at 66,586 points, and the blue-chip Top-40 index .JTOPI ended down 0.53% at 60,770 points.

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