JOHANNESBURG: South Africa’s rand gained on Friday, lifted by stronger precious metal prices and the local central bank’s hawkish tone at a monetary policy announcement a day earlier.
At 0825 GMT, the rand traded at 18.56 against the dollar, about 0.3% stronger than its previous close.
Some of the boost came from gold prices hitting a record high on Friday, as South Africa is a major producer of the precious metal.
The South African Reserve Bank (SARB) trimmed interest rates as expected on Thursday, but its statement placed emphasis on the uncertain global backdrop and the bank said it had modelled the potential impact of a trade war.
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Some analysts believe the SARB’s rate-cutting cycle could be over given its cautious stance.
On the Johannesburg Stock Exchange, the Top-40 index was last up 0.2%.
The benchmark 2030 government bond slipped, with the yield up 6 basis points to 9.065%.
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