JOHANNESBURG, Dec 30 (Reuters) – The South African rand was steady in thin year-end trade on Tuesday, holding this year’s gains against a weaker dollar.<\/p>\n
At 0747 GMT the rand traded at 16.6650 against the dollar , a whisker away from Monday’s closing level, while the greenback hovered around its lowest levels in three months.<\/p>\n
Sign up here.<\/a><\/p>\n South Africa’s risk-sensitive currency is on course for gains of about 12% against the dollar this year. That is the biggest jump since 2009, bolstered by the nation’s improved fiscal performance and success in containing inflation, as well as soaring prices of precious metals such as gold and platinum, which are major exports.<\/p>\n The U.S. dollar has slumped 9%<\/a> this year against a basket of currencies, putting it on pace for its worst showing in eight years on expectations of Federal Reserve rate cuts, shrinking interest rate differentials with other major currencies, and concerns about the U.S. fiscal deficit and political uncertainty.South Africa’s National Treasury is scheduled to publish November budget balance data (ZABUDM=ECI), opens new tab<\/a> which should provide insight into the health of Africa’s most industrialised economy.On the Johannesburg Stock Exchange, the Top-40 index (.JTOPI), opens new tab<\/a> was last up 0.4%.<\/p>\n South Africa’s benchmark 2035 government bond was also stronger in early deals, as the yield fell 4 basis points to 8.265%.<\/p>\n Reporting by Sfundo Parakozov; Editing by Kirsten Donovan Our Standards: The Thomson Reuters Trust Principles., opens new tab<\/a><\/p>\n
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