Rand near two-week high

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NewRandMoney Reuters.

Johannesburg - The rand held steady against the US dollar, trading near a two-week high as the greenback suffered a set back after weak economic data.

The rand was at 10.5738 at 12:31 SA time, not far off its close in New York on Wednesday.

It hit its strongest level in over two weeks at 10.5650 to the dollar earlier in the session and looked set for five days of consecutive gains as it inches towards 10.5000.

Dealers said the local currency was getting support from a decline in the prices of traditional safe-havens as Russia/Ukraine geopolitical tensions looked to ease, stoking the appetite for riskier emerging market assets.

Yields on government bonds nudged down half a basis point each to 6.66 percent on the 2015 note and to 8.305 percent on the 2026 issue. - Reuters

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