South African rand weakens against dollar -February 28, 2024 at 10:28 am EST

JOHANNESBURG (Reuters) -South Africa’s rand weakened on Wednesday, taking its cues from the dollar in the absence of major economic data releases.

At 1523 GMT, the rand traded at 19.2375 against the dollar, about 0.8% weaker than its previous close.

The dollar index was last trading up 0.1% against a basket of currencies.

The rand, like most emerging market currencies, takes direction from the dollar when there are no clear domestic indicators.

South African investors will turn their focus towards a slew of economic data releases on Thursday with money supply, producer price inflation, trade and budget balance figures due.

On the stock market, the Top-40 index closed down 1.4% while the broader all-share was 1.3% weaker.

South Africa’s benchmark 2030 government bond was slightly stronger, with the yield down 1 basis point to 10.190%.

(Reporting by Bhargav Acharya and Nellie Peyton; Editing by Andrew Heavens and Sharon Singleton)

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