South African rand on front foot, US tariff worries remain
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FILE PHOTO: A forex dealer offers bond notes and South African Rand outside a bank in the central business district in Harare, Zimbabwe, February 24, 2017. REUTERS/Philimon Bulawayo/File Photo
JOHANNESBURG (Reuters) -South Africa's rand extended its recent rally on Tuesday, as markets continued to look for clarity on U.S. President Donald Trump's tariff plans.
At 1400 GMT, the rand traded at 18.19 against the U.S. dollar, about 0.4% stronger than Monday's close.
The dollar was down around 0.3% against a basket of currencies as investors awaited clarity on the next round of Trump tariffs expected to take effect on April 2.
Domestic data released earlier showed South Africa's composite leading business cycle indicator rose 0.9% month on month in January.
The indicator collects data on vehicle sales, business confidence, money supply and other factors in Africa's most industrialised economy.
On the stock market, the Top-40 index was up about 0.8%.
South Africa's benchmark 2030 government bond was slightly weaker, with the yield up 1.5 basis points to 9.15%.
(Reporting by Sfundo Parakozov and Bhargav Acharya; Editing by Alex RichardsonEditing by Tannur Anders)
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