South Africa's rand firmer ahead of interest rate decision

PUBLISHED: Tue, 24 Jan 2017 08:24:20 GMT

South Africa’s rand firmed early on Tuesday, extending gains from the previous session ahead of a central bank policy meeting where the regulator is expected to keep rates on hold over concerns of high inflation and low economic growth.

* At 0650 GMT, the rand traded at 13.4350 per dollar, 0.24 percent firmer from its New York close of 13.4800.

* Market focus on the South African Reserve Bank’s decision on interest rates at 1500 GMT. Reuters poll sees the body leaving lending rate at 7 percent.

* Globally, investors turning to emerging currencies and selling dollar on worries over Donald Trump’s protectionist trade stance.

* Stocks were set to open higher at 0700 GMT, with the JSE securities exchange’s Top-40 futures index up 0.3 percent.

* In fixed income, the yield for the benchmark government bond due in 2026 cut 4 basis points to 8.73 percent. 

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