South African rand strengthens against the dollar

A South African Rand is seen in this illustration picture taken October 30, 2020. REUTERS/Mike Hutchings/Illustrationsome losses incurredAt 1523 GMT, the rand traded at 18.7350 against the dollar , 0.48% higher than its closing level on Friday.The rand seemed unperturbed by a local survey on Monday, whichSouth African manufacturing activity contracted for the fifth consecutive month in June due to a worsening of business conditions.

However, analysts warned that the risk-sensitive rand was susceptible to further weakness in the near-term amid hawkish tones by central banks around the world including the Federal Reserve. "The minutes of the last FOMC meeting are due out on Wednesday, and will allow markets to more deeply scrutinise the reasoning of US monetary policy makers, and attempt to glean insight on the likely length of the pause in the cycle," said Investec analyst Annabel Bishop in a research note.

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