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Rand steady during the early trade

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The rand was steady at the beginning Wednesday, after strengthening the previous day on news that President Cyril Ramaphosa had appointed former central bank governor Tito Mboweni as finance minister.

The rand was 0.03% stronger at 14.55 per dollar at 0700 GMT, having closed in Nyc at 14.55.

Ramaphosa said on Tuesday that he or she had accepted former finance minister Nhlanhla Nene’s resignation after Nene admitted to previously undisclosed meetings when using the Gupta family, friends of scandal-plagued former president Jacob Zuma.

The rand is predicted to trade between 14.40 and 14.70 towards dollar on Wednesday, NKC African Economics wrote within a note.

South Africa-focused investors were awaiting the discharge of Sacci business confidence data for September, due at 0930 GMT.

In fixed income, the yield around the benchmark government bond due in 2026 fell 6 basis points to 9.180%, continuing to fall for the reason that appointment of your new finance minister reduced political uncertainty.?

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