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Rand slips on stronger dollar, stocks up

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JOHANNESBURG - The rand fell more than 1% on Tuesday as a firmer US dollar weighed on developing world currencies, while stocks closed higher.

The greenback climbed across the board on Tuesday as financial markets re-opened after the Easter holiday and traders favoured the dollar ahead of the release on Friday of US gross domestic product data for the first three months of 2019.

Globally, markets are looking to the release of the US GDP data for indications about the strength of the world’s largest economy. On the bourse, stocks rose following positive news in the energy sector, with the Top40-index up by 0.59% to 53,184.19 points while the broader All-Share index rose by 0.54% to 59,544.80 points.

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