Rand firms as focus turns to next week's midterm budget
The rand firmed on Thursday, recouping losses from the previous session, with investor focus turning to the midterm budget next week.
At 1704 GMT, the rand traded at 18.9825 against the dollar , about 0.7% stronger than its previous close.
The dollar was last up more than 0.2% against a basket of global currencies.
Investors are gearing up for the midterm budget on November 1, when the country's deteriorating public finances will be in the spotlight.
SA's social relief grant, introduced in 2020 to support those hardest hit by the Covid-19 pandemic, is likely to be extended beyond next March, economists said.
State-owned logistics company Transnet said it had requested an unspecified cash injection from the government as it seeks to reduce debt and return to profitability.
Stats SA figures showed September producer inflation came in at 5.1%, above economists' predictions for 4.7%.
Economists at Nedbank said in a note that producer prices were likely to continue rising gradually in the coming months, ending the year around 6% higher than a year earlier
Shares on the JSE fell, with the blue-chip Top-40 index closing 0.45% lower.
SA's benchmark 2030 government bond was weaker in late deals, with the yield up 7 basis points to 10.700%.
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