Johannesburg - The rand hovered near four-week highs against the dollar on Thursday, tracking a generally firm tone in emerging markets, while official local data pointed to a recovery in the key manufacturing sector.
The rand traded at R9.8875 against the greenback by 08:55, barely changed from its previous close of R9.8750 and within easy sight of Wednesday's high of R9.8550, a level last seen on August 12.
"Although manufacturing production for July surprised substantially on the upside yesterday, which may have assisted the rand, it does appear that it is largely international sentiment that is driving (emerging market) EM currencies at the moment," Standard Bank analyst Walter de Wet said in a note.
Government bonds tracked the currency firmer and yields, which move inversely to the price, retreated.
The 2026 benchmark fell 7 basis points to 8.165% and the paper due in 2015 shed 6.5 basis points to 6.04%.
The rand traded at R9.8875 against the greenback by 08:55, barely changed from its previous close of R9.8750 and within easy sight of Wednesday's high of R9.8550, a level last seen on August 12.
"Although manufacturing production for July surprised substantially on the upside yesterday, which may have assisted the rand, it does appear that it is largely international sentiment that is driving (emerging market) EM currencies at the moment," Standard Bank analyst Walter de Wet said in a note.
Government bonds tracked the currency firmer and yields, which move inversely to the price, retreated.
The 2026 benchmark fell 7 basis points to 8.165% and the paper due in 2015 shed 6.5 basis points to 6.04%.