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Johannesburg - The rand firmed slightly against the dollar, recouping some of its losses from a a near six-month low last week, as the beginning of talks in Egypt helped calm investor nervers.
Separately, local data showed that gross reserves rose to $45.471bn in January from $43.834bn, after intervention by the South African Reserve Bank to cap rand strength.
At 09:10 the rand traded at 7.2249 against the dollar, 0.55% firmer than its New York close of 7.265. The currency weakened to near a six-month low against the greenback on Friday.
"It looks like the negotiations in Egypt is having a calming effect on the markets," said Ion de Vleeschauwer, chief dealer at Bidvest Bank.
President Hosni Mubarak held onto power on Monday, defying a popular uprising against his autocratic rule, after the government opened talks with opposition groups to resolve Egypt's deepest crisis in 30 years.
Government bonds gained, as the yield on the 2015 down by 5.5 basis points 7.89 and the yield on the 2026 note ZAR186= down by 6 basis points to 8.675.
Separately, local data showed that gross reserves rose to $45.471bn in January from $43.834bn, after intervention by the South African Reserve Bank to cap rand strength.
At 09:10 the rand traded at 7.2249 against the dollar, 0.55% firmer than its New York close of 7.265. The currency weakened to near a six-month low against the greenback on Friday.
"It looks like the negotiations in Egypt is having a calming effect on the markets," said Ion de Vleeschauwer, chief dealer at Bidvest Bank.
President Hosni Mubarak held onto power on Monday, defying a popular uprising against his autocratic rule, after the government opened talks with opposition groups to resolve Egypt's deepest crisis in 30 years.
Government bonds gained, as the yield on the 2015 down by 5.5 basis points 7.89 and the yield on the 2026 note ZAR186= down by 6 basis points to 8.675.
