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South Africa's rand recovers from post-Fed slide
18/12/2015 00:00:00
by Reuters
 
 
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JOHANNESBURG: South Africa's rand clawed back some ground against the dollar early on Friday having fallen sharply after the United States raised interest rates for the first time in nearly a decade.

By 0645 GMT the rand had firmed 0.14 percent to 15.2125 per dollar, taking advantage as the greenback lost its post-Fed glow.

The dollar, measured against a basket of major currencies, was down 0.42 percent in early trade.

The rand's recovery is, however, likely to be short-lived with low liquidity over the holiday period set exacerbate the currency's vulnerability to fundamental economic weakness.

"The rand continues to face numerous economic challenges as well as various self-inflicted stumbling blocks, this against the back drop of a resurgent dollar," Nedbank currency analysts said in a note.

Government bonds were weaker, with the yield on benchmark issue due in 2026 adding 20 basis points to 9.45 percent as the rate hike by the U.S. Federal Reserve took its toll on fixed income, with investors increasingly migrating bets offshore.



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