South African rand weakens before inflation data's release


JOHANNESBURG, Oct 23 (Reuters) - South Africa's rand weakened early on Wednesday, giving back some of the gains of from the day before, as investors took profits before a local inflation data release.

Statistics South Africa publishes September inflation figures ZACPIY=ECI at 0800 GMT. Price growth is expected to remain benign, supporting the carry-trade attraction of the currency.

At 0645 GMT, the rand ZAR=D3 was down 0.27% at 14.6290 per dollar, slipping from Tuesday's one-month best of 14.5700 reached during an emerging-market rally and easing fears around state power company Eskom.

The crisis-hit utility got additional 59 billion rand ($4 billion) lifeline by parliament on Tuesday, after imposing another round of nationwide blackouts last week.

Bonds were also weaker, with the yield on the benchmark government issue due in 2026 ZAR186= up 1 basis point to 8.215%

(Reporting by Mfuneko Toyana, editing by Larry King)

((; +27117753153; Reuters Messaging:

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

More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.