South African rand steady as foreign reserves decline
The rand held steady on Friday after a dip in foreign reserves. Markets are now awaiting first-quarter GDP figures and mining data due for release next week.
South Africa's rand held steady at 16.2950 per dollar on Friday morning following a decline in national foreign reserves. The currency remained unchanged from its previous close as traders shifted focus toward upcoming growth data. Investors are weighing the impact of higher energy costs on the fuel-importing economy against a backdrop of regional geopolitical tension.
### Foreign Reserves and Energy Risks South Africa's international liquidity fell to $73.47 billion at the end of May, down from $73.76 billion in April. South African Reserve Bank data released on Friday morning confirmed the $290 million dip in reserves. This decline occurs as global oil prices rose following an explosion at Oman's Mina al Fahal terminal and the rejection of a ceasefire proposal in Lebanon.
