South African rand steady as positive sentiment holds, dollar slips

JOHANNESBURG (Reuters) – The South African rand was steady firm early on Thursday, with sentiment towards the currency bolstered by events at a summit of BRICS nations.

At 0630 the rand was trading at 13.1150 to the dollar, a slight retreat from its New York close of 13.1075.

Producer Price Inflation data is due at 0930 GMT while BRICS leaders meet for a second day in Johannesburg.

The dollar slipped on Thursday as immediate concerns about global trade tensions ebbed after the United States and the European Union agreed to begin talks to lower tariffs.

In fixed income, the yield for the benchmark paper due in 2026 was down 0.65 basis points to 8.580 percent.

Stocks were set to open lower at 0700 GMT, with the Johannesburg Stock Exchange’s Top-40 futures index down 0.19 percent.

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