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Rand flat after tough end to 2015

Jan 05 2016 09:31

Johannesburg - The rand was flat against the dollar on Tuesday, with traders and analysts expecting sideways trade as the market slowly gets back to full steam after the year-end break.

Stocks opened a touch firmer, with the JSE's Top 40 index adding 0.45%.

By 07:00 GMT the rand traded at R15.540 against the dollar, just 0.06% firmer than Monday's New York close.

Government bonds were slightly firmer, with the benchmark 2026 instrument yielding 2 basis points lower at 9.705%.

The rand weakened about 25% versus the dollar in 2015 on concerns about weak local growth and as expectations of higher US interest rates dented appetite for emerging markets.

"Given the tough end to the year ... it is to be expected that trades will not try and get too involved just yet and are possibly hoping for some sort of decent liquidity to drift back into the market," Standard Bank trader Warrick Butler said.

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