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The rand snapped two days of losses on Wednesday as emerging markets broadly benefited from a retreating dollar after US President Donald Trump abruptly fired the FBI director.

The rand traded at R13.4446 to the dollar at 5pm, up 1.36 percent on its overnight close of R13.63 in New York.

Treasury One currency trader, Andre Botha, said the rand was “enjoying the fruits of a risk positive scenario”.

The rand hit a session-high of R13.43 dollar as demand for emerging assets returned to global markets after the sacking of FBI chief James Comey raised questions about whether this latest crisis could compromise the implementation of the government’s economic agenda.

In fixed income, government bonds also firmed. The yield for the benchmark instrument due in 2026 declined.