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Rand inches weaker in tentative trade

The greenback has regained some ground in the last two sessions after a dip to a 28-month low earlier this week.

South African rand.  Picture: Christa Eybers/EWN

JOHANNESBURG - The rand inched weaker early on Friday as investors opted for caution ahead of key jobs data from the United States.

At 0720, the rand was 0.09% weaker at R16.7450 per dollar, from a close of R16.7300 overnight in New York.

The greenback has regained some ground in the last two sessions after a dip to a 28-month low earlier this week.

The dollar is poised for further gains if non-farms payroll figures due later in the session shows a sustained recovery, something analysts said was doubtful.

Locally, a light data release calendar has seen the rand driven mainly by offshore issues. The return of nationwide electricity blackouts this week has kept the unit from making major headway.

Bonds inched weaker ahead of auctions of short-dated and inflation-linked bonds. The yield on the benchmark 2030 government bond was down 2.5 basis point to 9.085%.

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