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Rand firms against the US dollar on improved risk appetite

The rand firmed in early trade on Monday, supported by improved risk appetite on news that US President Joe Biden and Russia's Vladimir Putin plan to hold a summit on the Ukraine crisis. Photographer: Nadine Hutton/Bloomberg

The rand firmed in early trade on Monday, supported by improved risk appetite on news that US President Joe Biden and Russia's Vladimir Putin plan to hold a summit on the Ukraine crisis. Photographer: Nadine Hutton/Bloomberg

Published Feb 21, 2022

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The rand firmed in early trade on Monday, supported by improved risk appetite on news that US President Joe Biden and Russia's Vladimir Putin plan to hold a summit on the Ukraine crisis.

At 0620 GMT, the rand traded at 15.0700 against the dollar, 0.35 percent firmer than its previous close.

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News of the Putin-Biden summit boosted hopes for a diplomatic resolution to the Russia-Ukraine standoff that has rattled global markets over the past few weeks.

Locally, focus was on the 2022 budget, which is slated to be presented to lawmakers by Finance Minister Enoch Godongwana on Wednesday.

Investors will be on the lookout for news on South Africa's economic growth and debt trajectory after the Treasury pledged to cut the budget deficit and curb debt in its mid-term budget in November.

The yield on the benchmark 2030 government bond was flat at 9.075 percent in early deals.

REUTERS

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