MAR­KETS

Weekend Witness - - Money -

THE South African rand changed course against the dol­lar yes­ter­day and strength­ened when traders booked prof­its af­ter it breached a cru­cial level in the pre­vi­ous ses­sion.

The rand went to 8,9689 per dol­lar at 1520 GMT af­ter clos­ing at 9,0485 in New York on Thurs­day.

It also tracked the euro, the cur­rency of South Africa’s big­gest block trad­ing part­ner, which hit an 11-month high as the re­gion’s prospects bright­ened with news that banks there would be re­pay­ing bil­lions of eu­ros in emer­gency three-year loans ex­tended just over a year ago.

In­fla­tion-linked bonds were snapped up at pri­mary auc­tion yes­ter­day, with the government rais­ing the en­tire R800 mil­lion it had sought. In­vestors ten­dered more than R1,4 bil­lion for the 2025, 2038 and 2050 debt.

— Reuters.

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