South African rand little changed against the dollar

Credit: REUTERS/MIKE HUTCHINGS

JOHANNESBURG, March 15 (Reuters) - South Africa's rand was little changed early on Friday, after slumping the day before on a stronger dollar and mixed local data.

At 0703 GMT, the rand traded at 18.7250 against the dollar ZAR=D3, near its previous close of 18.7350.

The local currency slipped more than 1% on Thursday at one point after the dollar firmed on the back of U.S. inflation data. The greenback =USD was last trading 0.03% stronger against a basket of currencies on Friday.

The rand's weakness was also fuelled by domestic data, which showed a total mining output drop of 3.3% year-on-year in January, while gold production was down 12.7% in the same period.

South African investors will now turn their focus toward local inflation figures due next week.

On the stock market, the Top-40 .JTOPI index was down 0.6% while the broader all-share .JALSH slipped 0.5% in early trade.

South Africa's benchmark 2030 government bond ZAR2030= was unchanged in early deals, with the yield at 10.240%.

(Reporting by Bhargav Acharya. Editing by Gerry Doyle)

((Bhargav.Acharya@thomsonreuters.com))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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