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South Africa's rand rises as dollar investors book profits
April 28, 2017 / 7:15 AM / 8 months ago

South Africa's rand rises as dollar investors book profits

JOHANNESBURG, April 28 (Reuters) - South Africa’s rand bounced back from a one-week low on Friday, lifted by dollar investors banking profits ahead of the weekend and the European Central Bank’s decision to stick to its large-scale bond buying binge.

* At 0705 GMT the rand had gained 0.45 percent to 13.3025 per dollar compared to a close at 13.3625 overnight in New York.

* The unit been dipped briefly below the psychological 13.00 level earlier in the week before slumping to a 3-week trough as the dollar gained momentum and local politics weighed, with traders saying the currency lacked clear direction.

* Credit growth for March eased according to central bank data. Trade stats due at 1200 GMT.

* Greenback boosted by unveiling of President Donald Trump’s tax plans.

* On Thursday the European Central Bank said it was sticking to its ultra-easy stimulus stance, but acknowledged that economic recovery in the region was fast improving.

* Stocks were lower, with the benchmark Top-40 index down 0.08 percent.

* In fixed income, the yield for the benchmark government bond due in 2026 fell 0.5 basis point to 8.725 percent. (Reporting by Mfuneko Toyana; Editing by Ed Stoddard)

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