South Africa's rand falls, stocks set to open flat

South Africa's rand falls, stocks set to open flat
Illustration photo of South African rand
JOHANNESBURG (Reuters) - South Africa's rand weakened against the dollar early on Thursday, hurt by a combination of a firmer greenback and concerns over domestic economic growth prospects.

At 0645 GMT, the rand traded at 13.6250 per the dollar, 0.37 percent weaker than its overnight close in New York.

The central bank said on Wednesday South Africa's economy was growing much less than it should be and was unlikely to reach 2-percent annual expansion in the short term because of political and policy uncertainty.

The dollar inched up after data from Wednesday showed growth in the U.S. services sector accelerated in September to its fastest pace in 12 years, although sagging Treasury yields limited gains.

Stocks were set to open flat at 0700 GMT, with the JSE securities exchange's Top-40 futures index unchanged.

In fixed income, the yield for the benchmark government bond due in 2026 was up 2.5 basis points to 8.63 percent.

(Reporting by Olivia Kumwenda-Mtambo; Editing by Toby Chopra)

2017-10-05 09:24:29

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