South African rand little changed against the dollar


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)


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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