South African rand slips as dollar climbs on global markets
JOHANNESBURG, Nov 22 (Reuters) -The South African rand slipped slightly in early trade on Friday, as the dollar climbed to a fresh 13-month high on global markets.
At 0713 GMT, the rand traded at 18.1275 against the dollar ZAR=D3, down about 0.2% on Thursday's closing level.
The dollar was up around 0.1% against a basket of other major currencies =USD.
The rand has been bolstered this week by the South African Reserve Bank opting for a small cut to its main interest rate ZAREPO=ECI, quashing hopes for a larger move, and by a decision by S&P Global to raise the outlook on the country's sovereign credit rating.
But the local currency remains highly sensitive to global drivers, including expectations for U.S. President-elect Donald Trump's policies. Since Trump's election win, the rand has fallen more than 4% against the dollar as emerging market currencies have come under pressure.
On the Johannesburg Stock Exchange, the Top-40 index .JTOPI was last up 0.3%. The benchmark 2030 government bond ZAR2030= was little changed in early deals, the yield at 8.97%.
Reporting by Alexander Winning; Editing by Kirsten Donovan
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