Rand weakens as dollar on front foot

The rand fell in early trade on Thursday, extending the previous day's losses, as the dollar traded on the front foot on global markets.

Federal Reserve minutes on Wednesday pointed to US interest rates staying higher for longer, boosting the dollar and hurting emerging market currencies like the rand.

At 0630 GMT, the rand traded at 16.7450 against the dollar, down around 0.8% on its previous close.

With no major domestic economic data releases due on Thursday, the currency is expected to take its cue from global drivers.

June retail sales published on Wednesday registered a surprise fall, adding to evidence the economy performed poorly in the second quarter.

Next week the data calendar is busier with July consumer and producer inflation, second-quarter unemployment and a leading business cycle indicator .

The government's benchmark 2030 bond was little changed in early deals, the yield down 0.5 basis points to 10.165%.

Reuters