Firmer dol­lar, weaker gold hurt rand

The Star Early Edition - - MARKETS -

THE RAND weak­ened yesterday, slid­ing as much as 1 per­cent at one stage as a firmer dol­lar and lower com­mod­ity prices hurt the cur­rency.

At 5pm, the rand was bid at R13.4913 to the dol­lar, 4.56c softer than at the same time on Tues­day, steady­ing late in the ses­sion hav­ing sunk to a ses­sion low of R13.605 as in­vestors sold off the unit af­ter con­sumer prices rose for the fourth month in row.

Gold fell from the pre­vi­ous day’s eight-week high as promis­ing eco­nomic data from the US drew fresh flows into the green­back, lift­ing the dol­lar in­dex 0.2 per­cent in the ses­sion.

South African in­fla­tion ac­cel­er­ated to 6.8 per­cent yearon-year in De­cem­ber, beat­ing mar­ket ex­pec­ta­tions.

In fixed in­come bonds weak­ened, with the yield on the bench­mark 2026 is­sue ris­ing.

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