Rand firms slightly on upbeat risk sentiment

South Africa’s rand firmed slightly in early trade on Tuesday as risk appetite improved after US President Donald Trump left hospital following treatment for Covid-19.

Renewed hopes of US stimulus also supported riskier currencies.

At 0620 GMT, the rand traded at R16.57 versus the US dollar, a tad firmer than its previous close of R16.57.

After steep losses during the onset of the Covid-19 pandemic, the rand has regained levels last seen in March, mainly thanks to improved appetite for risk.

In fixed income, the yield on the benchmark government bond due in 2030 rose a single basis point to 9.505% in early trade.