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Rand firms as dollar rally pauses, stocks down

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The rand firmed with the dollar at the beginning Friday because dollar’s rally paused, with investors awaiting monthly US jobs data later within the day.

The rand was 0.24% stronger at 14.82 per dollar at 0716 GMT, having closed in The big apple at 14.85.

“A solid September US non-farm payrolls figure is probably going to stir market volatility,” Rand Merchant Bank analysts wrote from a note. “If Wednesday’s strong read individuals private employment is everything to pass, we are set for a bumpy ride.”

The private payroll numbers were thought of as boosting the percentages that US jobs data for September would end up being stronger than expected, likely indicating the tightening cycle from the Federal Reserve continue.

In fixed income, the yield over the benchmark government bond due in 2026 rose 4.5 basis points to 9.245%.

On stocks and shares, the top part 40 Index was down 0.94% while the broader all-share fell 0.74% noisy . trade.

Shares in MTN Group fell much more than 9% right after a Bloomberg say that Nigeria needs to charge 15% interest by using an $8 billion claim.?

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