The rand weakened in early trade on Monday, as the safe-haven US dollar continued to soar against a basket of major peers. Read: Pound plunges to record low as Kwarteng signals more tax cuts At 0732 GMT, the rand traded at R17.99 against the dollar, 0.14% weaker than its previous close. The dollar index was up 0.035% at 113.180.
“The dollar remains king and despite its stretched overvaluation, there is nothing to suggest a correction is imminent,” economists at ETM Analytics said in a note. On the stock market, the Top-40 and the broader all-share indexes were down around 0.5% in early trade. The government’s benchmark 2030 bond was weaker in early deals, with the yield up 11 basis points to 10.860%.
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