South Africa's rand inches down in thin holiday trading - Reuters

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South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration

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JOHANNESBURG, Dec 29 (Reuters) - South Africa's rand inched down against a recovering dollar in early Wednesday trade, showing little real direction in holiday-thinned trading volumes in the last week of 2021.

At 0657 GMT, the rand traded at 15.7800 against the dollar, 0.1% weaker than its overnight close of 15.7650.

"The local currency touched an intraday worst level of R15.83 (yesterday) as it underperformed versus its emerging market peers," said Andre Cilliers, a currency strategist at TreasuryONE.

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"This morning finds the rand trading a touch softer. A break above the R15.85 level could open the way for a move back to the R15.95/R16.00 area."

The dollar index , which measures the greenback against major peers, rose as high as 96.240 versus Monday's close of 96.068, moving up against most other majors after the euro lost 0.14% on Tuesday. USD=

Trading in the rand was thin as most traders took time off for either Christmas or end of the year.

In fixed income, the yield on the benchmark 2030 government bond was down 7.5 basis points to 9.325%.

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Reporting by Nqobile Dludla; Editing by Subhranshu Sahu

Our Standards: The Thomson Reuters Trust Principles.

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