Rand firms on improved risk appetite

In early trade the rand was at R15.07 against the dollar, 0.35% firmer than its previous close.
Image: Waldo Swiegers / Bloomberg

The rand firmed in early trade on Monday, supported by improved risk appetite on news that US President Joe Biden and Russia’s Vladimir Putin plan to hold a summit on the Ukraine crisis.

At 0620 GMT, the rand traded at R15.07 against the dollar, 0.35% firmer than its previous close.

News of the Putin-Biden summit boosted hopes for a diplomatic resolution to the Russia-Ukraine standoff that has rattled global markets over the past few weeks.

Locally, focus was on the 2022 budget, which is slated to be presented to lawmakers by Finance Minister Enoch Godongwana on Wednesday.

Investors will be on the lookout for news on South Africa’s economic growth and debt trajectory after the Treasury pledged to cut the budget deficit and curb debt in its mid-term budget in November.

The yield on the benchmark 2030 government bond was flat at 9.075% in early deals.

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