During the early trading hours on Thursday, the South African rand displayed marginal movement ahead of the impending release of business confidence data later in the day.
As of 0650 GMT, the rand was trading at 19.1725 against the US dollar, maintaining a close proximity to its previous closing value of 19.1875.
Anticipated for release at 0930 GMT, the business confidence index for both July and June will be made public by the South African Chamber of Commerce and Industry.
This index exhibited a decline during each month from January to May, with a range of factors contributing, including extensive power outages, elevated interest rates, and reduced trade volumes.
South Africa’s economic growth prospects for the year remain muted, primarily attributed to an ongoing power crisis that subjects businesses and households to frequent power shortages lasting several hours per day.
In early trading, South Africa’s benchmark 2030 government bond exhibited slight weakness, leading to a 2.5 basis point rise in yield, placing it at 10.370%.
