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Rand firms as risk-taking offers support

The South African currency has taken its cue from global drivers for much of this month, first from expectations that the pace of US monetary tightening will slow this year and more recently from concerns over global growth.

Picture: EWN

JOHANNESBURG - The rand firmed against the dollar in early trade on Friday, supported by improved risk-taking and as concerns about a prolonged US government shutdown at a time when global growth is already slowing weigh on the greenback.

At 0625 GMT, the rand traded at R13.6850 per dollar, 0.24% firmer than its New York close of R13.7175 on Thursday.

“The current increase in risk appetite saw the rand gain momentum against the greenback to open at R13.70 this morning. We expect the rand to steadily make its way back to the R13.60 level as the dollar remains subdued,” Peregrine Treasury Solutions’ Corporate Treasury Manager, Bianca Botes, said in a note.

The dollar index, a gauge of its value versus six major peers, fell 0.19% to 96.42.

The South African currency has taken its cue from global drivers for much of this month, first from expectations that the pace of US monetary tightening will slow this year and more recently from concerns over global growth.

In fixed income, the yield on the benchmark government bond due in 2026 dropped 5.5 basis points to 8.73% in early deals.

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