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Rand, government bonds find support

Johannesburg -  The rand firmed against the dollar on Thursday, with dealers seeing a consolidation phase for emerging markets during a pick-up in global risk sentiment.

The rand was up 0.3% on the dollar to R11.0950 at 06:47 GMT, compared with an R11.1300 close in New York on Wednesday.

The unit has steadily pulled away from a five-year low hit last week, but its failure to break through the R11.06/07 area signals rand bulls will need more than just a lack of negative domestic news to post further gains.

The rand has failed to break through this resistance area in the last three sessions.

An unresolved two-week strike in the platinum sector by the Association of Mineworkers and Construction Union is keeping sentiment low and putting a lid on rand gains.

Government bonds took a cue from the firming rand and yields dropped 4 basis points on the benchmarks.

"With some stability returning to the rand this week, it has been an extremely difficult decision to bypass bond yields at current levels," Rand Merchant Bank bond trader Thando Vokwana said in a note to clients.

"The relatively attractive high yields have seen the re-emergence of foreign bidding interest."

The 2026 yield was at 8.685% while the 2015 note traded at 7.075%.
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Rand - Dollar
19.02
-0.6%
Rand - Pound
24.01
-0.5%
Rand - Euro
20.53
-0.3%
Rand - Aus dollar
12.35
+0.0%
Rand - Yen
0.13
-0.6%
Platinum
899.20
+0.3%
Palladium
999.25
-0.3%
Gold
2,213.81
+0.9%
Silver
24.60
-0.2%
Brent Crude
86.09
-0.2%
Top 40
68,080
+0.6%
All Share
74,278
+0.5%
Resource 10
56,967
+2.4%
Industrial 25
103,572
+0.3%
Financial 15
16,456
-0.4%
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