Rand firms ahead of the Christmas weekend

The rand was flat against the dollar on Friday, ahead of a four-day long Christmas weekend.

At 09:14, the rand traded at R17.08 against the dollar.

“Although the rand has ended this year much weaker than when it started, much of that was driven by the dollar’s strength,” ETM Analytics said in a research note.

“The dollar remains over-valued and needs to correct, implying that 2023 could well be the year that the rand stages an impressive performance against the dollar,” analysts added.

The government’s benchmark 2030 bond was almost unchanged in early deals, with the yield at 10.160%.