South Africa’s rand firmed in early trade on Wednesday - at around R14.48 against the dollar, holding on to gains from the previous session as signs of progress in Russia-Ukraine peace talks lifted risk appetite. Moneyweb Currency
South Africa’s rand firmed in early trade on Wednesday, holding on to gains from the previous session as signs of progress in Russia-Ukraine peace talks lifted risk appetite. At 0625 GMT, the rand traded at around R14.48 against the dollar, 0.3% firmer than Tuesday’s close, and trading close to a five-month high hit on Friday.
This supported riskier but high-yielding emerging market assets including the rand and dragged on the dollar as investors felt less in need of a safe-haven. “The rand this morning is again trading in positive territory despite disappointing local unemployment data,” Nedbank analysts said in a note. Data showed on Tuesday that South Africa’s unemployment rate rose to a new record high of 35.3% in the fourth quarter of 2021 as sectors like manufacturing and construction shed jobs.
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