Most Read South African rand stronger as U.S.yields decline JOHANNESBURG, March 19 (Reuters) – South Africa’s rand gained on Friday, helped by a weaker dollar as U.S.Treasury yields declined.At 0755 GMT, the rand traded at 14.67 versus the dollar, up 0.4% from its previous close.The dollar was down 0.2% against a basket of currencies, as the yield on the benchmark U.S.
10-year bond eased to 1.68%.
The South African currency has tracked swings on global markets this week, rallying when the U.S.Federal Reserve pushed back against speculation over rate hikes before retreating.
Some investors see the rand as a proxy for emerging-market risk, which means it can be highly volatile.Johannesburg-listed stocks were weaker on Friday, with the Top-40 index down 0.9%.Government bonds gained, as the yield on the 2030 bond fell 8.5 basis points to 9.35%.(Reporting by Alexander Winning, editing by Larry King) 2021-03-19 10:09:19
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