Johannesburg - South Africa's rand eased
back early on Friday, ending a recent rally that has lifted the
unit to 3 week high as developed market currencies came back in
favour.
At 0650 GMT the rand was little changed, trading
0.04 percent weaker at $13 1550 per compared to a close of
13.1500 overnight in New York.
Yield-hungry investors have ignored the political fallout
and two credit downgrades to "junk" that followed President
Jacob Zuma's sudden firing of his finance minister in late
March.
Read also: Rand in biggest slide since 2015
Local unit also facing selling pressure as dollar and euro
back in favour with some risk concerns easing. Jobless claims
and business activity data in the U.S. supported bets that the
Federal Reserve will step up rate hikes this year.Rand expected to make another push at R13 resistance
level that could open the door for further gains, traders said.
Stocks were set to open higher at 0900 GMT, with the JSE
securities exchange's Top-40 futures index up 0.46
percent.
In fixed income, the yield on the benchmark government
bond due in 2026 rose 1 basis points to 8.68 percent.