The South African rand was weaker on Monday as better-than-expected domestic manufacturing data failed to offset trade concerns, with the country scrambling to secure a lower tariff rate on its exports to the United States.
US imports from South Africa face a 30% duty, the highest rate among sub-Saharan African countries, but President Cyril Ramaphosa’s office said last week he had spoken with US President Donald Trump and that the two countries’ trade negotiating teams would hold more detailed talks.
At 1235 GMT, the rand traded at 17.7825 against the dollar, about 0.2% weaker than Friday’s close.
South Africa’s manufacturing output rose 1.9% year on year in June, after rising by a revised 0.7% in May, statistics agency data showed on Monday.
Analysts polled by Reuters and Nedbank economists expected production to have risen 1% and 0.8%, respectively.
This week’s releases also include mining output and unemployment figures on Tuesday and retail sales data on Wednesday.
The Johannesburg Stock Exchange’s Top-40 index was last down 0.5%.
South Africa’s benchmark 2035 government bond was weak, as the yield rose two basis points to 9.65%.
Source: Reuters
