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SA Rand at two week low against the dollar

Interbank ZAR Exchange Rates (09h26 SAST)

USDZAR 11.0708
GBPZAR 17.6910
EURZAR 13.8344
CADZAR 9.8103
AUDZAR 9.6784
NZDZAR 8.6162

South Africa's rand weakened to a two-week low against the dollar on Monday after weak data out of China signalled exports to the Asian giant were likely to come under pressure. China is South Africa's biggest single trading partner. Surveys released on Monday showed China's economy was loosing further momentum going into the fourth quarter.

At 0648 GMT the rand fell half a percent from its close to trade at 11.0840 against the dollar.

It was extending losses taken during an emerging market sell-off last week after a surprise decision by the Bank of Japan to loosen monetary policy further.

Investors will also be worrying about more electricity outages in Africa's most advanced economy after power utility Eskom said a coal silo had collapsed and cut generation capacity at one of its power stations on Sunday.

The government will release vehicle sales data on Monday afternoon. Sales volumes are expected to have risen in October.

Yields on South African government bonds rose 5.5 basis points to 7.945 percent on the benchmark 2026 issue.

Source: Reuters Africa
Author: Xola Potelwa
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