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Rand steady as investors eye likely US, eurozone rate cuts

At 0715 GMT, the rand was 0.2% weaker at R13.8900 per dollar, not far from its overnight close at R13.8575.

South African rand.  Picture: Christa Eybers/EWN

JOHANNESBURG - The rand was steady early on Tuesday as bets of rate cuts in the United States and Europe continued to support high-yielding emerging market currencies.

At 0715 GMT the rand was 0.2% weaker at R13.8900 per dollar, not far from its overnight close at R13.8575.

The European Central Bank is expected to lower its key deposit rate on Thursday while the US Federal Reserve is expected to cut rates on 31 July, prompting investors to look to high-yielding emerging markets assets.

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