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South African Rand Edges Higher ahead of Trade Data

JOHANNESBURG, July 31 (Reuters) - The South African rand edged higher in early trade on Monday after a strong July performance, ahead of monthly trade data that could provide some clues on the health of the economy.

At 0615 GMT, the rand traded at 17.5800 against the dollar , up 0.11% from its previous close on Friday.

The dollar last traded at 101.760, around 0.15% stronger against a basket of global currencies.

The rand has gained over 6% against the dollar this month.

At 1200 GMT, the South African Revenue Service will release the country's June trade figures. Analysts polled by Reuters predict a trade surplus of 11.85 billion rand ($673.64 million).

The South African Reserve Bank (SARB) data on Monday showed the country's broadly defined M3 measure of money supply was up 11.15%, above 9.85% predicted by analysts polled by Reuters.

The SARB also said that private sector credit grew 6.25% year on year in June, down from 6.85% in May.

South Africa's benchmark 2030 government bond was little changed in early deals, with the yield down 0.5 basis points to 10.180%.

($1 = 17.5911 rand)

Reporting by Tannur Anders; Editing by Bhargav Acharya and Louise Heavens

Source: Reuters

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