RAND FIRMS SLIGHTLY ON DOLLAR WOBBLE

JOHANNESBURG- The rand firmed early on Friday, covering some ground after it was batted with other emerging markets which slide the previous day, with some end-of-week positioning and a dollar wobble on trade fears helping to lift the unit.

At 0645 GMT the rand was 0.26% firmer at R12.5600 per dollar compared to a close of R12.5925 overnight in New York.

Traders have warned because of the volatile trade with the rand this week, including a narrow range between R12.40 and R12.80 and with risks to the upside, the rally in US assets set to continue while risk appetite remains fragile.

Nedbank senior analyst Reeezwana Sumad said in a note, “Despite some resilience over the most recent sessions, the rand ultimately remains vulnerable as a result of various global and local factors.”

The greenback has fallen against all their contenders this week, while US Treasuries has predicted higher lending rates, as signs of improved economic growth.

In early trade on Friday however the dollar was down 0.05%.

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