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Rand firms slightly

The local unit outperformed 24 emerging market peers by strengthening nearly 1 percent.

The rand strengthened nearly 1 percent against the dollar outperforming 24 emerging market peers. Picture: EWN.

JOHANNESBURG - The rand strengthened nearly one percent against the dollar on Tuesday, outperforming 24 emerging market peers amid hopes that a week-old strike by metal and engineering workers could soon be resolved.

The local unit hit a session high of 10,6750, its firmest since 2 July, and was up 0,79 percent.

Government debt tracked the currency higher and yields fell to their lowest in more than a week.

The paper maturing in 2015, which the secondary market uses as a benchmark, was down 9 basis points to 8,335 percent while the 2015 instrument dropped 6 basis points to 6,69 percent.

The rand has come under pressure in recent weeks as investors worry about the impact of strikes on the country's frail economy.

The National Union of Metalworkers of South Africa said it would take the latest offer from employers to its more than 200,000-strong striking members on Wednesday, possibly ending a stoppage that has hit car manufacturers.

"The rand responded positively to news of a potentially imminent end to the latest strike, outpacing all emerging market peers on the session," Tradition Analytics said.