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South Africa’s rand dips as risk revival dents resources

The rand was also hit by some selling on technical factors as it broke through the R13.1000 support ahead of a bank holiday on Thursday.

Picture: Supplied

JOHANNESBURG – South Africa’s rand ticked lower on Wednesday, weighed down by a dip in demand for commodity-linked currencies as resource prices faltered in an uneven start for emerging assets.

At 0640am, the rand had weakened 0.57% to R13.1250 per dollar compared to a close of R13.0500 overnight in New York.

Gold slipped to a two-week low on Wednesday as investor appetite for riskier assets surged, driven by renewed risk appetite worries over the US economy and elections in France receded.

The rand was also hit by some selling on technical factors as it broke through the R13.1000 support ahead of a bank holiday on Thursday.

Stocks were set to open flat at 0700 GMT, with the JSE securities exchange’s Top-40 futures index largely unchanged.

In fixed income, the yield for the benchmark government bond due in 2026 rose 6.5 basis point to 8.755%.