Economy

Rand firms as August retail sales data on tap

Date: Oct 16, 2024

South Africa's(SA) Rand gained in early trade on Wednesday, ahead of domestic retail sales data that could provide some early hints on the growth prospects of Africa's most industrialised economy, analysts said.

At 0652 GMT, the Rand traded at 17.5950 against the United States Dollar, about 0.3% firmer than its previous close.

The dollar last traded about 0.1% stronger against a basket of currencies.

Local investors will turn to SA's August retail sales data at 1100 GMT.

"Given the economy's dependence on consumption, retail sales are an important 'early indicator' of SA's growth prospects," said ETM Analytics in a research note.

Lower interest rates, slow inflation and potential continued strength in the rand could help retail sales looking forward, the note added.

SA benchmark 2030 government bond was little changed in early deals.

--Reuters--

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