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Rand dips ahead of trade, budget data

At 0700 GMT the rand was 0.24% weaker at 14.7350 per dollar, compared with an overnight close of 14.70, in relatively light-volume trade with the US markets closed for the Thanksgiving holiday.

Picture: Supplied

JOHANNESBURG - The rand weakened early on Friday, as disappearing bets of the United States central bank cutting lending rates further added to worries about the local economy.

At 0700 GMT the rand was 0.24% weaker at 14.7350 per dollar, compared with an overnight close of 14.70, in relatively light-volume trade with the US markets closed for the Thanksgiving holiday.

The dollar climbed higher on Friday, as data showing the US economy is on a firm footing led investors to cut back rate-cut bets that have so far supported flows into high-yielding emerging currencies such as the rand.

Trade and monthly government budget balance figures due in the session, ahead of next Tuesday’s third-quarter economic growth data, were set to drive sentiment, with 14.80 the next sell target.

Bonds edged firmer, with the yield on the benchmark 2026 paper down 1 basis point to 8.465%.