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Rand gains on weaker dollar

Jul 08 2013 17:37
Reuters
Johannesburg - The rand firmed against the dollar on Monday, recovering from a two-week low earlier in the session as the greenback retreated from multi-year highs hit last week.

The rand was at R10.1700/$ at 14:00 GMT, up 0.3% from its close in New York on Friday.

A wildcat strike at two Anglo Platinum (Amplats) [JSE:AMS] mines weighed on the rand earlier in the session, dragging it to a two-week low of R10.2990, demonstrating the currency's sensitivity to unrest in the mining sector .

However, it bounced back on a weaker dollar as investors booked profits after the US currency hit a three-year high following last week's better-than-expected jobs data.

"A weaker dollar is helping the rand recover from the lows we saw this morning," said Ion de Vleeschauwer, a trader at Bidvest bank in Johannesburg.

"It will probably start weakening eventually again because nothing has really changed. The strong dollar scenario is with us. We saw that in the non-farm payrolls on Friday."

Government bonds were weaker, with the yield on the 2026 paper gaining 7 basis points to 8.115% and that on the 2015 issue rising 3 basis points to 6.16%.

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