JOHANNESBURG (Reuters) - South Africa's rand was slightly weaker against the dollar on Friday though it looked set to end the week on a firmer footing after slumping to a new 4-year low on Thursday.
The rand was at 9.1818 to the dollar at 1531 GMT, marginally softer than its close in New York on Thursday.
The currency of Africa's biggest economy was hit this week by data showing a wider than expected current account deficit in the fourth quarter of 2012 and a slowdown in retail sales growth in January. It fell to 9.2925, its weakest since April 2009.
A significant recovery next week is unlikely given the economy's weak fundamentals and the likelihood that the central bank will hold its repo rate at 5 percent at its monetary policy meeting on Wednesday, said Luke Barnett, an analyst at ETM.
Consumer inflation data is also expected next week.
"There are a lot of local structural factors that are putting (the rand) under pressure at the moment," he said. "The rand is not benefiting from any monetary tightness...CPI is expected to come under 6 percent which means that there's likely no prospects of any hikes any time soon."
Government bond yields declined, falling 3 basis points on the 2026 paper and 1 basis point on the 2015 instrument.
Source: http://news.yahoo.com/south-africas-rand-set-end-week-firmer-161200535--finance.html
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