JOHANNESBURG (Reuters) – South Africa’s rand slipped on Tuesday after data showed the country’s unemployment rate rose in the first quarter of this year.
At 1513 GMT, the rand traded at 18.355 against the dollar, about 0.6% weaker than its previous close.
South Africa’s official unemployment rate – one of the highest in the world – rose to 32.9% from 31.9% in the final quarter of last year.
Unemployment has been on the rise since 2016 and has been stuck above 30% for the past five years.
Separately, the Business Day newspaper reported that preparations were at an advanced stage for a meeting between President Cyril Ramaphosa and U.S. President Donald Trump in Washington.
Ramaphosa’s government wants to mend diplomatic and trade ties with the U.S. as relations have soured badly since Trump’s return to the White House in January.
On the stock market, the Top-40 index closed about 0.6% higher.
South Africa’s benchmark 2030 government bond was weaker, with the yield up 3 basis points at 8.925%.
(Reporting by Sfundo Parakozov and Bhargav Acharya. Editing by Alexander Winning and Mark Potter)
