Tuesday morning trade witnessed a marginal depreciation of the South African rand, preceding the disclosure of gross domestic product (GDP) figures for the third quarter. The rand falls in South Africa before third-quarter GDP data. The rand was valued at 18.8350 per dollar at 08:25 GMT, a decrease of approximately 0.1% compared to its previous closing value.
As of the last trade, the dollar was approximately 0.1% stronger against a basket of global currencies. At 09:30 GMT, Statistics South Africa is scheduled to release the GDP figures. Analysts surveyed by Reuters have projected a 0.2% decline on an annual basis and a 0.1% contraction on a quarterly basis.
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A PMI survey released on Tuesday revealed that private sector business activity in South Africa stagnated in November, as supply chain disruptions caused by a port crisis offset a reduction in price pressures.
Early trading on the Johannesburg Stock Exchange saw the blue-chip Top-40 index decline approximately 0.5%. The benchmark 2030 South African government bond yielded 9.985%, an increase of 2.5 basis points.
