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Rand slightly stronger on hopes Syria attack a one-off

The rand was volatile last week, see-sawing over global trade war fears and tensions between the United States and Russia over Syria.

Picture: EWN

JOHANNESBURG - The rand was slightly stronger early on Monday as global investors hoped that US-led strikes on Syria would not escalate into a wider conflict.

At 0628 GMT, the rand traded at R12.0700 versus the dollar, around 0.1% stronger than its close on Friday.

The rand was volatile last week, see-sawing over global trade war fears and tensions between the United States and Russia over Syria. Domestic factors receded.

On Monday, US stock futures firmed and oil prices fell on relief that the attack on Syria had been limited in scale.

Analysts at NKC Research said they expected the South African currency to trade in a range of R11.90 to R12.15 to the dollar on Monday.

Government bonds were little changed early on Monday, with the yield on the benchmark instrument due in 2026 down 1 basis point to 8.075%.

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