Rand set for second day of gains as global markets rebound

The rand looked set for its second day of gains on Friday as emerging-market currencies rebounded from earlier losses and positive data from China aided global market sentiment.

“Emerging-market currencies are a natural repository for market angst, trading weaker at first amid all the doubt but finding their footing as the trading day has progressed,” said Rand Merchant Bank analyst Nema Ramkhelawan-Bhana.