Rand softer on commodities decline

THE RAND weakened against the dollar yesterday amid a retreat in commodity prices and as the greenback was buoyed by expectations for higher US inflation and growth.

At 5pm, the rand was bid at R13.3402 to the dollar, 4.57c softer than at the same time on Wednesday.

“The dollar has rebounded against all the majors and commodities are down. Generally everything is under pressure a little bit against the dollar today,” Wichard Cilliers, Treasury One chief currency dealer, said yesterday.

The dollar index, which measures the greenback against a basket of six other major currencies, was up 0.45 percent at 100.48 points.

Government bonds weakened alongside the currency, and the yield for the benchmark due in 2026 rose.