South African rand strengthens against dollar, stocks rise

People chat in front of an electronic board displaying movements in major indices at the Johannesburg Stock Exchange building in Sandton Johannesburg, file. REUTERS/Siphiwe Sibeko

July 18 (Reuters) – South Africa’s rand advanced early on Monday, as the safe-haven dollar nudged down from multi-year highs.

At 0731 GMT, the rand traded at 17.0050 against the dollar, 0.34% stronger than its previous close.

The U.S. dollar index , which measures the buck against six major peers, dropped 0.39% to 107.45.

Economists at ETM Analytics said in a note that the rand’s value against the dollar would continue to consolidate around the 17.0000 level until a new catalyst arises.

On the stock market, the Top-40 (.JTOPI) index and the broader all-share (.JALSH) index rose more than 2% in early trade.

The government’s benchmark 2030…