January 17, 2023

Early trading saw a decline in the South African rand.

Early on Friday, the South African rand declined, giving up gains achieved after U.S. data gave reason to believe that inflation was now on a sustained downward trend, perhaps allowing the Federal Reserve to ease up on the speed at which it tightens policy.

The rand was trading at 16.7600 against the dollar at 06:43 GMT, down 0.18% from its previous close.

Most families in South Africa have daily power outages that last six to eight hours.

The country’s energy regulator on Thursday approved an 18.65% increase in the price of electricity for the troubled national utility Eskom for the fiscal year beginning on April 1.

Early deals saw higher performance from the government’s benchmark 2030 bond, with a yield reduction of 7.5 basis points to 9.750%.

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