Rand firm against dollar

The rand firmed in early trade on Thursday, even as the US dollar held its gains against major peers.

At 0630 GMT, the rand traded at R15.57 against the dollar, 0.16% stronger than its previous close.

The rand took its cue from global markets, after sky-high oil prices eased on a report that Saudi Arabia was ready to pump more oil if Russian output fell.

South Africa’s government outlined new measures this week to ease pressure on consumers to curb steeply rising domestic fuel prices.

The dollar index, which measures the greenback against a basket of six major peers, was trading at 102.390.

The government’s benchmark 2030 bond was weaker in early deals, with the yield up 1 basis point to 9.88%.