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Johannesburg -The rand retreated against the dollar on Friday after a strong run this week.
At 06:42 GMT, the rand was 0.44% weaker at R7.3670 against the dollar compared with Thursday's close at R7.3350.
"The rand is opening up a little bit weaker this morning on the back of some retracement we've seen in the equity market. Asian equities are also in the red so that's leaning against the rand a little bit," said Absa Capital trader Duncan Howes.
The rand has trended firmer against the dollar for most of this week as investors took up riskier but higher-yielding assets, touching a 3
½ month high of R7.2850 on Thursday.
"Emerging markets in general look to be taking a bit of a breather after their strong run during the week. Expect a little bit of consolidation as we head into month end," Howes said, forecasting a R7.30/40 range for the rand.
Traders said domestic trade numbers due out were unlikely to have much of an impact on the rand, with US growth data due out later on Friday expected to be the main focus for markets.
Government bonds followed the rand lower, and the yield on the 2015 inversely gained three basis points to 7.645% while that for the longer-dated 2036 was up five basis points at 8.55%.
- Reuters