Stocks inched lower on Monday to end just in the red as a rebound in European shares fizzled after the European Central Bank (ECB) said it would quiz euro zone lenders about high levels of bad loans.
By 1625 GMT the rand inched 0.09 percent firmer to 16.7670 per dollar, hanging on to earlier gains as the central bank of China’s efforts to stabilise the yuan saw demand for riskier assets in developing economies improve.
Lingering concerns over the local economy would however limit the rand’s recovery, analysts said, more so with consumer inflation data due on Wednesday likely to show a spike in food prices owing to severe drought conditions.
