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The South African rand edged lower on Thursday morning, weighed down by a stronger U.S. dollar and investor caution ahead of the G20 finance ministers’ meeting in Durban.
By 6:37 a.m. GMT, the South African currency was trading at 17.8975 to the dollar — down 0.4% from the previous day’s close. At the same time, the dollar gained around 0.4% against a basket of global currencies, adding pressure to emerging market currencies like the rand.
With little activity on the local economic front, traders are turning their attention to the G20 summit, where finance chiefs and central bank governors from the world’s biggest economies are meeting through Friday. Key issues on the agenda — including global inflation trends, interest rates, and economic stability — could steer market sentiment in the days ahead.
Meanwhile, South Africa’s 2035 government bond also started the day on a softer note, with yields rising 1.5 basis points to 9.895%, suggesting investors are treading cautiously.
As global attention shifts to Durban, the next 48 hours could offer valuable signals for the rand and broader financial markets.
