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Rand recovers as emerging market slump eases

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The rand firmed early on Wednesday against a softer dollar, based on a rise in local bonds as investor appetite for riskier assets was boosted.

The rand was 0.52% stronger at 14.29 per dollar at 0650 GMT, having closed in The big apple at 14.36.

The currency is predicted to trade between 14.20 and 14.45 to the dollar on Wednesday, NKC African Economics wrote inside a note.

The rand remained stressed as shop price of petrol in Africa rose by R1.00 per litre since the weakening exchange rate and increases during the prices of crude oil continues to be the attention.

South Africa-focused investors were awaiting the discharge of the Standard Bank Purchasing Managers Index.

In fixed income, the yield within the benchmark government bond due in 2026 fell 1.5 basis points to 9.080%, reflecting stronger bond prices.

Stocks are due open weaker at 0700 GMT, with all the JSE securities exchange’s Top 40 Futures Index down 0.04%.?

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