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Rand flat in early trade

In early trade the rand was at R16.33 against the dollar, 0.03% weaker than its previous close.
Image: Waldo Swiegers / Bloomberg

The rand was flat in early trade on Monday, as the safe-haven dollar firmed on growth fears.

At 0701 GMT, the rand traded at R16.33 against the dollar, 0.03% weaker than its previous close.

The dollar index stood at around 105.100, not far below last month’s two-decade high of 105.790.

“The dollar will likely remain supported and the rand under pressure in the near term, with a recovery of last week’s losses seemingly unlikely unless there is a significant shift in the market’s assessment of the global inflation and economic outlook,” ETM Analytics wrote in a research note.

On the stock market, the Top-40 index and the broader all-share index rose around 1% in early trade.

The government’s benchmark 2030 bond was stable at 10.445%.

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