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Rand gains as dollar falters; unemployment data due

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The rand gained in early trade on Tuesday as the dollar faltered in global markets, with domestic unemployment figures due to be published later in the day.

At 09:06, the rand traded at R17.10 against the dollar. The dollar was down around 0.3% against a basket of currencies.

Statistics South Africa is scheduled to release third-quarter unemployment numbers around 0930 GMT. The official jobless rate edged lower in the second quarter but remained very high at 33.9%.

Analysts expect it to remain elevated as economic growth is so sluggish.

Central bank data on Tuesday showed a 9.34% year-on-year expansion in private sector credit in October, slightly smaller than the previous month’s 9.74% growth.

The South African government’s benchmark 2030 bond was little changed in early deals, with the yield falling 2 basis points to 10.255%.

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