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Rand slips in profit-taking ahead of G20 summit

The rand retreated early on Thursday, pausing after a two-day advance as investors took profits and looked ahead to the G20 summit where the United States and China are set to agree a truce in their tariff war.

Picture: EWN

JOHANNESBURG - The rand retreated early on Thursday, pausing after a two-day advance as investors took profits and looked ahead to the G20 summit where the United States and China are set to agree a truce in their tariff war.

At 0650 GMT, the rand was 0.1% weaker at R14.2300 per dollar, easing slightly from its overnight close of R14.2250.

In the previous session the rand had pushed to a new 5-week high as the R14.20 resistance level attracted some bids despite waning risk demand after the United States central bank played down expectations of aggressive interest-rate cuts.

A Chinese newspaper, citing sources, said that the United States and China have agreed to a tentative truce in their trade dispute ahead of a meeting between leaders of the two nations on Saturday on the sidelines of the G20 summit.

Bonds were flat, with benchmark 2026 government issue steady at 8.16%.

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