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Rand steady in early trade

The rand treaded water in early trade on Tuesday in the absence of local economic drivers as investors await the monetary policy committee meeting later this week and ex-president Jacob Zuma’s testimony at a graft inquiry.

Picture: EWN

JOHANNESBURG - The rand treaded water in early trade on Tuesday in the absence of local economic drivers as investors await the monetary policy committee meeting later this week and ex-president Jacob Zuma’s testimony at a graft inquiry.

At 0647 GMT, the rand ticked up 0.09% at R13.8900 per dollar from its close of R13.9025 in New York.

“With this commission that is going on, it is a welcome distraction in terms of a very lethargic market,” said Oliver Alwar, senior trader at Standard Bank.

Riskier assets continue to benefit from expectations of a US Federal Reserve rate cut, he added.

The rand is expected to trade in a range of R13.80 to R14.05 to the dollar on Tuesday, NKC African Economics said in a note.

The yield on South Africa’s benchmark 2026 government bond dipped 2 basis points to 8.020%.

By 0733 GMT, stocks were higher with the benchmark JSE Top-40 Index up 0.2% to 51,553 points while the broader All-Share Index ticked up 0.13% to 57,612 points.

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