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South African rand pares losses after Powell speech
  + stars: | 2023-08-25 | by ( ) www.reuters.com   time to read: +2 min
South African Rand coins are seen in this illustration picture taken October 30, 2020. At 1528 GMT, the rand traded at 18.6550 against the dollar , about 0.9% stronger than its previous close, after gaining as much as 1% earlier in the day. The rand has had a turbulent week, contributing to its over 4% losses month-to-date. The risk-sensitive rand often takes cues from global factors like U.S. monetary policy in the absence of domestic economic data cues. South Africa's benchmark 2030 government bond was weaker, with the yield up 1 basis points at 10.210%.
Persons: Mike Hutchings, Jerome Powell, Danny Greeff, Jackson, Greeff, Tannur Anders, Sonia Cheema, Devika Syamnath, Jonathan Oatis Organizations: REUTERS, Rights, U.S . Federal Reserve, Treasury, Analytics, Johannesburg Stock Exchange, Thomson Locations: Rights JOHANNESBURG, United States, Johannesburg
South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration Acquire Licensing RightsJOHANNESBURG, Aug 22 (Reuters) - The South African rand gained on Tuesday as risk appetite returned to global markets due to falling U.S. Treasury yields, as the first day of the BRICS summit of emerging economies kicked off in Johannesburg. At 1605 GMT, the rand traded at 18.7900 against the dollar , about 0.9% stronger than its previous close. South Africa is hosting the leaders of Brazil, India and China for the Tuesday-to-Thursday summit, while Russian President Vladimir Putin will join virtually. The BRICS summit "is unlikely to provide the market with significant or sustainable momentum until the bloc adopts implementable policies," Greeff said.
Persons: Mike Hutchings, Danny Greeff, Vladimir Putin, Putin, Greeff, Tannur Anders, Bhargav Acharya, Mark Potter, Jonathan Oatis Organizations: REUTERS, Rights, Treasury, Analytics, Johannesburg Stock Exchange, Thomson Locations: Rights JOHANNESBURG, Johannesburg, U.S, Africa, Brazil, India, China, South Africa, Ukraine
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