Rand tracks emerg­ing mar­kets higher

The Star Early Edition - - MARKETS - Reuters

THE RAND ral­lied yes­ter­day as emerg­ing mar­kets were helped by buoy­ant com­mod­ity prices and as un­cer­tainty over US Pres­i­dent Don­ald Trump’s fis­cal poli­cies hit the dol­lar.

At 5pm, the rand was bid at R13.5344 to the dol­lar, 5.18c firmer than at the same time on Fri­day,

The unit is up more than 1.5 per­cent in Jan­uary on the back of im­proved global de­mand for gold and plat­inum, which South Africa ex­ports, as well as bets that the SA Re­serve Bank will avoid cut­ting its bench­mark lend­ing rate this year.

All 27 econ­o­mists told Reuters in a sur­vey last week they ex­pected the cen­tral bank to leave rates at 7 per­cent at to­day’s pol­icy meet­ing, keep­ing re­turns at lev­els that re­main at­trac­tive to in­vestors in search of high yields.

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