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At 1400 GMT, the rand was 13.9675 to the dollar, 0.4% less than 13.9125 in New York.
Image: provided.
JOHANNESBURG – The South African rand has weakened against the dollar on Wednesday as demand for risky badets fades and fears that US-China trade tension will not be resolved at the next G20 summit .
At 1400 GMT, the rand was 13.9675 to the dollar, 0.4% less than 13.9125 in New York. The intraday maximum was 13.9900.
Bonds also weakened as the benchmark bond yield maturing in 2026 increased 5 basis points to settle at 9.040%.
"The rand has been closely linked and is waiting for the G20 meeting later in the week to give the rand a new impetus. This week, we see rand's range between 13.80 and 14.10, "said Andre Botha, Dealer at Treasury One.
In equities, the All Share index rose 1.47% to 52,111 points, while the Top 40 index rose 1.74% to 46,023 points. Banks gained 1.58%.
US President Donald Trump is ready to raise tariffs on imports from China if there is no breakthrough on long-standing trade issues when meeting with Chinese leader Xi Jinping on Saturday, said Tuesday the White House economic adviser, Larry Kudlow.
Global media jumped on Tuesday when Kudlow announced that Trump would meet Xi at the next G20 meeting in Argentina, renewing hope for a trade deal.
"It's essential. The market is on the lookout for any progress, even a bargaining agreement, on both sides, "said Greg Davies, equity trader at Cratos Capital.
Stock market heavyweights, Naspers, closed up 4.66% at R2177 after the shares of technology giant Tencent Holdings, in which it holds 31%, jumped to an eight-week high on the project deployment of mobile payment services in Japan.
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