Rand touches three-month peak

The Star Early Edition - - MARKETS - Reuters

THE RAND rose to its strong­est level in nearly three months yes­ter­day as lin­ger­ing wor­ries about US Pres­i­dent Don­ald Trump’s pro­tec­tion­ist stance and un­cer­tainty over his fis­cal poli­cies dragged on the dol­lar.

At 5pm, the rand was bid at R13.2945 to the dol­lar, 2.22c firmer than at the same time on Tues­day. The cur­rency hit R13.23 in the ses­sion, its strong­est level since Novem­ber 9.

Wor­ries over the im­pact of Trump’s pro­tec­tion­ist trade stance have helped lure in­vestors to emerg­ing mar­kets.

The rand was ex­tend­ing gains made in the pre­vi­ous ses­sion af­ter the cen­tral bank kept the key lend­ing rate steady at 7 per­cent on Tues­day, say­ing that do­mes­tic growth re­mained con­strained.

In fixed in­come, the yield for the bench­mark gov­ern­ment bond due in 2026 rose.

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