Rand firms against softer dollar

The rand firms in early trade on Monday as the US dollar weakened.

The rand traded at 18.19 against the dollar by 0718 GMT, 0.87% stronger than its previous close.

The dollar index, which measures the US currency against six rivals, was down about 0.1% at 112.96.

“Global financial markets remain at the mercy of the Fed,” ETM Analytics economists said in a note, referring to the US central bank, adding that overall sentiment is cautious owing to uncertainty over longer-term Fed policy.

On the stock market, the Top-40 and broader all-share index opened slightly higher in early trade.

The government’s benchmark 2030 bond was little changed in early deals, with the yield down 1 basis point at 10.810%.

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