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Publish Date: Mon, 04 Dec 2023, 15:49 PM
JOHANNESBURG, Dec 4 (Reuters) - South Africa's rand fell on Monday as the dollar rose strongly on global markets at the start of a busy week for local economic data with gross domestic product (GDP) and current account figures due.
At 1530 GMT, the rand traded at 18.8075 against the dollar , about 1% weaker than its previous close.
The dollar last traded around 0.6% stronger against a basket of global currencies.
"The rand has very much been a passenger to broader dollar moves today," said Danny Greeff at ETM Analytics.
Statistics South Africa will publish third-quarter GDP numbers (ZAGDPY=ECI), (ZAGDPN=ECI) on Tuesday, with analysts polled by Reuters predicting a small contraction in both year-on-year and quarter-on-quarter terms.
The central bank will publish Q3 current account data on Thursday (ZACAGP=ECI), with a deficit of 1.9% of GDP forecast compared to 2.3% in the previous quarter.
Other releases this week include a whole-economy PMI survey on Tuesday (ZAPMIM=ECI).
On the Johannesburg Stock Exchange, the blue-chip Top-40 index (.JTOPI) closed up about 0.2%. The yield on the benchmark 2030 government bond was down 2 basis points at 9.96%.
https://www.reuters.com/markets/currencies/south-african-rand-falls-gdp-current-account-due-this-week-2023-12-04/