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Rand gains ground against softer dollar

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The South African rand firmed up against the dollar on Thursday as soon as the greenback was jolted through the worst fall in US stocks in nearly eight months.

The rand was 0.71% stronger at 14.67 per dollar at 06:50 GMT, having closed in New York at 14.78.

The rand is required to trade between 14.60 and 14.90 towards the dollar on Thursday, NKC African Economics wrote in the note.

The rand ended up held up by the market’s favourable respond to the appointment of Tito Mboweni for the reason that new South African finance minister .

South Africa-focused investors were awaiting the release of your statistics agency’s manufacturing production data for August due at 11:00 GMT. Consensus expectations are for production to have risen 0.6% yearly.

In fixed income, the yield around the benchmark government bond due in 2026 rose 3 basis points to 9.26%.?

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