Johannesburg - The rand on Thursday rose off multi-year lows hit in the previous session as the rout prompted by China's surprise currency devaluation showed signs of dissipating.
By 08:44 the rand was mostly flat at R2.7600/$ compared with its closing level at 12.7580 on Wednesday.
The rand plumbed a low of 12.8750 on Wednesday, the weakest it has been since December 2001 according to Thomson Reuters data.
The local unit has tumbled nearly 2% this week after China intervened to sharply devalue the yuan, hitting currencies in emerging markets that export commodities to the world's second-biggest economy.
"Global markets, and so the rand, have recovered as the pace of yuan devaluation slows and as US markets stabilise," Rand Merchant Bank currency analyst John Cairns said.
Government bonds were weaker in early trade, and the benchmark 2026 paper was yielding 4.5 basis points higher at 8.15%.
Rand - Dollar
19.06
-0.8%
Rand - Pound
24.04
-0.6%
Rand - Euro
20.55
-0.4%
Rand - Aus dollar
12.37
-0.2%
Rand - Yen
0.13
-0.8%
Platinum
901.20
+0.5%
Palladium
997.97
-0.4%
Gold
2,200.01
+0.2%
Silver
24.52
-0.5%
Brent Crude
86.09
-0.2%
Top 40
68,001
+0.5%
All Share
74,204
+0.4%
Resource 10
56,476
+1.5%
Industrial 25
103,644
+0.4%
Financial 15
16,491
-0.2%
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