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South African rand firms against dollar in early trade

Rand banknotes and coins sit in a cash till inside a store in the Rosebank district of Johannesburg, South Africa, on Wednesday, Aug. 26, 2015. Photographer, Waldo Swiegers, Bloomberg.

Rand banknotes and coins sit in a cash till inside a store in the Rosebank district of Johannesburg, South Africa, on Wednesday, Aug. 26, 2015. Photographer, Waldo Swiegers, Bloomberg.

Published Jun 20, 2022

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South Africa's rand firmed against the dollar early on Monday, as investors continued to assess risks to the economy from tighter U.S. monetary policy following the Federal Reserve's biggest interest rate increase in a quarter of a century.

At 08;57 am, the rand traded at 15.9675 per dollar, 0.5% stronger than its previous close.

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The dollar index was down 0.3% at 104.35, after reaching a two-decade high at 105.79 in the middle of last week.

ETM Analytics said in a research note that the rand's value against the dollar was still finding directional cues from the ever-changing outlook for U.S. monetary policy and the risk of recession down the line.

On the stock market, the Top-40 index was up 0.86% while the broader all-share rose 0.73% in early trade.

The government's benchmark 2030 bond was stable at 10.245%.

Reuters

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