September 28, 2018 / 7:19 AM / 2 months ago

South Africa's rand gains, in line with emerging markets

JOHANNESBURG, Sept 28 (Reuters) - South Africa’s rand was slightly stronger early on Friday, in line with other emerging-market currencies, which have slowly restored gains after recent sharp losses.

* The rand was 0.2 percent stronger at 14.1050 per dollar at 0701 GMT, having closed in New York at 14.1375.

* The rand has gained more than 1 percent since the end of last week, defying expectations that it would see selling pressure after another U.S. interest rate rise.

* The rand is expected to trade between 13.9500 and 14.2500 to the dollar on Friday, NKC African Economics wrote in a note.

* South Africa-focused investors were awaiting the release of August’s trade balance data at 1200 GMT.

* In fixed income, the yield on the benchmark government bond due in 2026 rose 1 basis points to 9.000 percent.

* Stocks opened slightly weaker, with the top-40 index down 0.2 percent in early trade. (Reporting by Nomvelo Chalumbira, editing by Larry King)

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