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South Africa's rand slightly firmer ahead of S&P review
December 2, 2016 / 6:56 AM / a year ago

South Africa's rand slightly firmer ahead of S&P review

JOHANNESBURG, Dec 2 (Reuters) - South Africa’s rand firmed slightly in early trade on Friday, with investors cautious ahead of S&P Global Ratings review on the country’s debt and a U.S. jobs report that could set the market’s tone in a few days.

* At 0645 GMT, the rand traded at 14.0675 per dollar, 0.23 percent firmer from its New York close on Thursday.

* “Investors are buying the rand in anticipation of a hold in rating and once it is out the way, we will see a possible move weaker as profits are locked in,” Standard Bank trader Insaan Omar said in a note.

* Stocks were set to open lower at 0700 GMT, with the JSE securities exchange’s Top-40 futures index down 0.82 percent.

* In fixed income, the yield for the benchmark instrument due in 2026 added 0.5 basis points to 9.105 percent. (Reporting by Olivia Kumwenda-Mtambo; Editing by Sherry Jacob-Phillips)

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