Rand gains, in line with emerging markets

The rand was slightly stronger early on Friday, in line with other emerging-market currencies, which have slowly restored gains after recent sharp losses.

The rand was 0.2% stronger at 14.10 per dollar at 0701 GMT, having closed in New York at 14.13.

The rand has gained more than 1% since the end of last week, defying expectations that it would see selling pressure after another US interest rate rise.

The rand is expected to trade between 13.95 and 14.25 to the dollar on Friday, NKC African Economics wrote in a note.

South Africa-focused investors were awaiting the release of August’s trade balance data at 1200 GMT.

In fixed income, the yield on the benchmark government bond due in 2026 rose 1 basis points to 9%.

Stocks opened slightly weaker, with the Top 40 Index down 0.2% in early trade.