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South Africa's rand firms in early trade as dollar slips

04/08/2021 | 02:38am EDT
Illustration photo of South African rand

JOHANNESBURG (Reuters) - South Africa's rand was firmer against a soft dollar early on Thursday, as investors weighed the U.S. Federal Reserve's commitment to keep interest rates low for some time against likely higher inflation.

At 0610 GMT, the rand traded at 14.5150 against the dollar, 0.38% firmer than its previous close.

The dollar traded near more than two-week troughs versus major peers on Thursday, tracking Treasury yields lower.

Fed officials are committed to supporting the economy until its recovery is more secure, minutes of the U.S. central bank's most recent policy meeting released on Wednesday showed.

Lower U.S. interest rate expectations boost investors' appetite for emerging markets assets such as the rand, which offer higher returns but carry more risk.

In fixed income, the yield on the benchmark government bond due in 2030 was down 0.5 basis point to 9.325% in early deals.

(Reporting by Olivia Kumwenda-Mtambo; editing by John Stonestreet)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.53% 0.7722 Delayed Quote.0.24%
BRITISH POUND / US DOLLAR (GBP/USD) -0.36% 1.3939 Delayed Quote.1.05%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.69% 0.79286 Delayed Quote.1.74%
EURO / SOUTH AFRICAN RAND (EUR/ZAR) 0.47% 17.19651 Delayed Quote.-4.36%
EURO / US DOLLAR (EUR/USD) -0.06% 1.20353 Delayed Quote.-2.03%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.71% 0.013265 Delayed Quote.-1.94%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.14% 0.71774 Delayed Quote.-0.74%
US DOLLAR / SOUTH AFRICAN RAND (USD/ZAR) 0.54% 14.2856 Delayed Quote.-2.40%
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