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Rand firms against dollar in early trade

The local currency was at 15.96 per dollar in early trade.
Image: Bloomberg

The rand firmed against the dollar early on Monday, as investors continued to assess risks to the economy from tighter U.S. monetary policy following the Federal Reserve’s biggest interest rate increase in a quarter of a century.

At 0657 GMT, the rand traded at 15.96 per dollar, 0.5% stronger than its previous close.

The dollar index was down 0.3% at 104.35, after reaching a two-decade high at 105.79 in the middle of last week.Read full story

ETM Analytics said in a research note that the rand’s value against the dollar was still finding directional cues from the ever-changing outlook for U.S. monetary policy and the risk of recession down the line.

On the stock market, the Top-40 .JTOPI index was up 0.86% while the broader all-share .JALSH rose 0.73% in early trade.

The government’s benchmark 2030 bond was stable at 10.245%.

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