South Africa's rand extends losses as JPMorgan recommends selling - Reuters

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A street money changer counts South African Rands in Harare, Zimbabwe, file. REUTERS/Philimon Bulawayo

JOHANNESBURG, Sept 15 (Reuters) - South Africa's rand extended its losses against the dollar early on Wednesday, weighed down by a JPMorgan recommendation to sell the currency and subdued risk appetite.

At 0614 GMT, the rand traded at 14.3530 against the dollar, 0.24% weaker than its close on Tuesday, when it also slid.

"JPMorgan's selling recommendation elicited a fallback in the local unit in an otherwise quite thin economic calendar," analysts at NKC African economics said in a note.

JPMorgan told clients in a note on Tuesday that the rand had reached high levels on the bank's emerging market risk appetite index, key terms of trade were starting to look less favourable and investors might look at hedging options soon.

Appetite towards riskier assets was subdued on Wednesday amid uncertainty surrounding the U.S. Federal Reserve's tapering timeline after a tamer-than-expected rise in U.S. inflation and as weaker-than-expected Chinese economic data rekindled worries about slowing global growth. read more

Reporting by Olivia Kumwenda-Mtambo; Editing by Edmund Blair

Our Standards: The Thomson Reuters Trust Principles.

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