JOHANNESBURG - The rand gained yesterday, boosted by growing hopes of a trade deal between the US and China, but trading was cautious ahead of crucial local and offshore data that could see the currency’s slide resume. At 5pm, the rand bid at R14.2147 to the dollar, 1cent firmer than its Friday close.
The rand snapped a four-day losing streak in the session on reports US President Donald Trump and Chinese President Xi Jinping could reach a formal trade deal at a month-end summit. The rand has shed more than 3percent since last Monday to make it one of the worst-performing emerging currencies in February and is due to face short term volatility with local economic growth figures out today and US jobs data on Friday.
Stocks were also little changed, with the JSE Top40 index closing up 0.11 percent at 49895.02 points and the broader all share up 0.02percent 56217.13 points.