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South Africa’s rand firms slightly on upbeat risk sentiment

South Africa’s rand firms slightly on upbeat risk sentiment

2020-10-06

 

South Africa’s rand firmed slightly in early trade on Tuesday as risk appetite improved after U.S. President Donald Trump left hospital following treatment for COVID-19.

Renewed hopes of U.S. stimulus also supported riskier currencies.

At 0620 GMT, the rand ZAR=D3 traded at 16.5700 versus the U.S. dollar, a tad firmer than its previous close of 16.5775.

After steep losses during the onset of the COVID-19 pandemic, the rand has regained levels last seen in March, mainly thanks to improved appetite for risk.

In fixed income, the yield on the benchmark government bond due in 2030 ZAR2030= rose a single basis point to 9.505% in early trade.

 

Source: Investing.com

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