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South African rand gains after Ramaphosa announces new cabinet

South African rand gains after Ramaphosa announces new cabinet

SOUTH Africa's rand strengthened in early trade after President Cyril Ramaphosa announced his new coalition cabinet, appointing the leader of the former opposition Democratic Alliance (DA) as agriculture minister. At 0737 GMT, the rand traded at 18.0150 against the dollar, 1% stronger than its previous close. After weeks of intense deliberations, Ramaphosa named DA leader John Steenhuisen as part of his cabinet line-up on Sunday, bringing the party and other coalition members into his new government team. "There will be a palpable sense of relief that Mr Ramaphosa has finally named his executive following protracted and often terse negotiations with his new…
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South African rand gains as ANC and DA clinch unity government deal

South African rand gains as ANC and DA clinch unity government deal

SOUTH Africa's rand gained after the Democratic Alliance said a deal had been struck with the African National Congress to form a unity government. The DA reached an agreement with the ANC and the Inkatha Freedom Party (IFP) after two weeks of negotiations following last month's election, DA leader John Steenhuisen said. "The rand is loving it!" said Danny Greeff, co-head of Africa at ETM Analytics. Analysts said markets also welcomed the exclusion of the far-left Economic Freedom Fighters and former President Jacob Zuma-backed populist uMkhonto we Sizwe (MK) parties. "News of this coalition will temper concerns that South Africa would embark…
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South African rand edges higher with focus on ANC talks

South African rand edges higher with focus on ANC talks

SOUTH Africa's rand made a slight recovery early, having slipped the day before when the African National Congress (ANC) said it would try to form a government of national unity following last week's election. At 0715 GMT, the rand traded at 18.90 against the dollar, 0.2% stronger than its previous close. The ANC lost its majority in the May 29 election for the first time since coming to power 30 years ago. It said on Wednesday that it had met with all interested parties keen to contribute ideas to form a government. The party's National Executive Committee will hold high-stakes internal talks…
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South African rand little changed as power cuts ease

South African rand little changed as power cuts ease

SOUTH Africa's rand was little changed as a reduction in the intensity of rolling power cuts boosted the currency. At 1514 GMT, the rand traded at 18.1950 against the dollar, near its previous close of 18.1900. The dollar index, which measures the U.S. currency against six major rivals, was up 0.16% to 102.46. It remained close to a one-month low of 102.00 it touched on Friday. "Locally, load-shedding (blackouts) have somewhat diminished allowing for businesses to run more efficiently and if this trend is to continue, the rand may gain additional traction," DailyFX analyst Warren Venketas said. Increased generation over…
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South African rand slips as Ukraine-Russia crisis keeps nerves high

South African rand slips as Ukraine-Russia crisis keeps nerves high

THE South African rand weakened slightly against the U.S. dollar, as markets remained on edge following Russia's invasion of Ukraine. At 1503 GMT, the rand stood at 15.3600 against the dollar, down 0.18% versus its previous close. The rand had weakened more than 2% on Monday to hit 15.4933, as the fallout from tougher sanctions imposed by the West on Russia and the deepening crisis rippled across financial markets and hit risk appetite. A modicum of calm returned to currency markets on Tuesday, after high-level talks between Kyiv and Moscow. But the negotiations ended with no agreement other than to…
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South African rand, Russian rouble rise; stocks at record high

South African rand, Russian rouble rise; stocks at record high

AMBAR WARRICK SOUTH Africa's rand and Russia's rouble rose as most other emerging market currencies were muted against the dollar, while stocks inched up to a record high on continued optimism over easy monetary policy and stimulus measures The MSCI's index of emerging market equities rose 0.1% to hit a record high for a second consecutive session, with most bourses in Europe, the Middle East and Africa trading higher. The South African rand rose about 0.6% to the dollar, but stayed within a trading range seen since last week as weak manufacturing data from the country pointed to more economic…
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South African rand sinks to 3-month low, bonds drop on violent protests

South African rand sinks to 3-month low, bonds drop on violent protests

OLIVIA KUMWENDA-MTAMBO and NQOBILE DLUDLA SOUTH Africa's rand dropped to a three-month low on Tuesday and local and hard currency bonds suffered as violent protests over economic hardship and inequality rippled across the country. Crowds clashed with police and ransacked or set ablaze shopping malls, with dozens of people reported killed as grievances unleashed by the jailing of ex-president Jacob Zuma boiled over into the worst violence in years. The protests rattled financial markets in the continent's most industrialised economy, with the rand dropping as much as 1.8% to 14.67 against the dollar, its lowest level since mid-April. The currency…
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South African rand slips ahead of GDP

South African rand slips ahead of GDP

SUSAN MATHEW FRAYED nerves ahead of U.S. inflation data later this week cast a shadow over emerging markets on Tuesday, with South Africa's rand leading losses ahead of domestic economic growth data. Against a stronger dollar, the rand fell 0.6%, pulling further away from 28-month highs. GDP numbers later in the morning are expected to show the South African economy slowed in the first quarter. But the rand is still by far the best performing EM currency this year, up more than 8%, helped in part by rising commodity prices. Turkey's lira – the year's worst performing EM currency so…
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