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Rand recovers from tariff driven sell-off

The rand was on the front foot in early trade as investors took profits on the dollar following a short squeeze on emerging markets.

Picture: Pixabay.com

JOHANNESBURG - The rand was firmer on Friday, after a bout of aggressive selling in the previous session triggered by Washington’s decision to impose trade tariffs on metal imports.

At 0700 GMT the rand was 0.41% firmer at R12.6450 per dollar from an overnight low of R12.7350.

Washington’s decision to impose trade tariffs on metal imports from key allies provoked a swift response, with Canada, Mexico and the EU imposing retaliatory tariffs.

The rand was on the front foot in early trade as investors took profits on the dollar following a short squeeze on emerging markets.

With US employment data due trading is expected to be subdued, with the rand seen in a range between R12.40 and R12.75.

Stocks opened firmer, with the Johannesburg Top-40 index up 1% to 50,283 points.

Bonds were weaker, with the yield on the benchmark 2026 paper up 3.5 basis points to 8.59%.

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