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South Africa's rand edges up, market cautious ahead of U.S. vote

PUBLISHED: Mon, 07 Nov 2016 08:14:46 GMT

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South Africa’s rand traded a tad firmer against the dollar on Monday, with dealers and analysts expecting muted trade ahead of Tuesday’s U.S. election, whose outcome is seen as too close to call.

* At 0646 GMT, rand up 0.28 percent at 13.5675 to the dollar, after ending Friday’s session in New York at 13.6050.

* Currency unmoved by central bank data showing South Africa’s net foreign reserves fell slightly to $41.799 billion in October from $41.953 billion the previous month.

* Rand holds its own despite a newspaper report that Finance Minister Pravin Gordhan will be charged over a surveillance unit at the tax agency he once ran. Report comes six days after separate charges were dropped against Gordhan.

* Stock futures index up 1 percent, suggesting Johannesburg bourse will start the week on a strong note at 0700 GMT.

* Government bonds rise slightly in early trade, yield for 10-year debt down 3.5 basis points to 8.665 percent compared with Friday’s close.


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