Rand weaker while PMI falls in November
The local unit has been the best-performing emerging-market currency tracked by Bloomberg over the past month
The rand was weaker on Monday afternoon, following the release of the Absa manufacturing purchasing managers index (PMI), which fell in November.
The Absa PMI fell to 47.7 points from 48.1 in the previous month with four of the five PMI sub-components declining in November.
The local currency has been the best-performing among emerging-market currencies tracked by Bloomberg over the past month, gaining almost 3% in November.
“The local unit continues to outperform its [emerging-market] counterparts, with resistance evident at R14.62. This week is teeming with data and global events that could reinforce the appreciatory momentum, provided all goes according to plan,” said Rand Merchant Bank analyst Nema Ramkhelawan-Bhana.
At 12.26pm, the rand had weakened 0.16% to R14.6732/$ after ending November at R14.65/$ on Friday. It had weakened 0.1% to R18.9294/£ while it was flat at R16.1619/€. The euro was flat at $1.1015.
The R2030 government bond was weaker, with the yield rising 4.5 basis points to 9.25%. Bond yields move inversely to bond prices.
Gold was down 0.5% to $1,456.33/oz and platinum 0.44% to $894.53. Brent crude was up 1.86% to $61.88 a barrel.