South African rand slides against stronger dollar, stocks edge up

JOHANNESBURG (Reuters) -South Africa's rand weakened on Tuesday as the U.S. dollar shook off some of the weakness of the previous session.

At 1621 GMT, the rand traded at 18.1225 against the U.S. dollar, 0.25% weaker than its previous close.

Against a basket of currencies, the dollar was 0.107% higher at 112.19, after having earlier slipped to a near two-week low of 111.76.

Shares on the Johannesburg Stock Exchange rose slightly, mostly due to gains in the industrial index.

Overall on the JSE, the Top-40 index closed 0.32% higher, while the broader all-share was up 0.24%.

Shares in South African retailer Pick n Pay dropped more than 9% after it anticipated more pressure from inflation and power cuts in the second half of the year.

The government's benchmark 2030 bond was weaker in afternoon deals, with the yield up 2.5 basis points to 10.805%.

(Reporting by Alexander Winning and Anait Miridzhanian; Editing by Subhranshu Sahu and Angus MacSwan)