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Rand firms slightly on better risk sentiment

Johannesburg - The rand inched up against the dollar in early trade on Friday as global markets continued their recovery.

At 08:21 the rand was up 0.12% at R13.1400/$, extending its recovery after tumbling to an all-time low of 14.00 at the start of the week.

"So far this morning Asian markets have behaved themselves. China has not devalued again. All Asian indices are higher and the rand also starts the day slight stronger than last night’s NY close of 13.1550," said Warrick Butler, a trader at Standard Bank.

"All things being equal then it looks like we are due another day of consolidation if not slightly better risk sentiment."

Markets around the world plunged earlier in the week as a slump in Shanghai shares fuelled worries over China's economic health. Some calm returned after Beijing moved to ease policy late on Tuesday.

The yield for the 2026 benchmark was up 2 basis points at 8.355%.

Investors will also be looking out for the local July main budget data released on Friday afternoon by the National Treasury, and new fuel prices for the next month.

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Rand - Dollar
18.94
-0.2%
Rand - Pound
23.91
-0.1%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
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