Johannesburg - The rand eased slightly against the dollar on Thursday and traders expected it to drift sideways for the rest of the week, driven mainly by position-squaring ahead of the year-end and an extended long weekend.
At 5pm, the rand was bid at R14.0627 to the dollar, 10.47c softer than at the same time on Wednesday. Government bonds edged higher, with debt maturing in 2026, the benchmark for the market, falling.
Meanwhile, the dollar declined against a basket of currencies yesterday, pulling further away from the 14-year high it set earlier this week as traders booked profits and brushed off mostly upbeat US economic data.
The government said yesterday that new orders for US capital goods increased more than forecast last month.