South African Rand coins are seen in this photo illustration
Johannesburg - The rand firmed slightly on Thursday, after tumbling more than 11 percent since March 27 when President Jacob Zuma ordered then finance minister Pravin Gordhan to return home from overseas meetings with investors, days before dismissing him in a cabinet reshuffle.

At 5pm, the rand traded at R13.7675 to the dollar, 0.31 percent stronger from its New York close on Wednesday.

“Let’s be clear, rand risks remain high and further losses cannot be ruled out. But there are at least some signs of stability,” said Rand Merchant Bank currency strategist, John Cairns.

In fixed income, the yield for the benchmark government bond due in 2026 rose.

Local bonds might continue to struggle on political turmoil and uncertainty around Fitch’s possible “junk” rating.