South African rand steady with US-Iran talks in focus
The South African rand was steady on Friday, with its future direction likely to be determined by the outcome of weekend talks between the US and Iran in Islamabad.
At 1310 GMT the rand traded at 16.3950 against the dollar, barely changed from its previous close of 16.3975. The risk-sensitive currency was set to end the week more than 3% stronger versus the dollar.
The rand surged on Wednesday after US President Donald Trump announced a two-week ceasefire with Iran and has held most of those gains since.
Adam Phillips, treasury specialist at Umkhulu Treasury, said in a morning note that the market mood was "steady but nervous".
For the rand, "it all centres on (the talks in) Islamabad this weekend," Phillips added.
South Africa's government sold R1-billion of its 2031 and 2050 inflation-linked bonds at auction, central bank data showed on Friday.
February manufacturing production figures published on Thursday showed the sector was weak before the Iran war. Africa's biggest economy had started to build momentum last year and investor confidence was on the rise.
Days before the Middle East conflict erupted the South African government predicted growth would accelerate again this year to 1.6%, but that forecast will probably be revised.
On the Johannesburg Stock Exchange the Top-40 index was up 0.9%. The benchmark 2035 government bond strengthened, as the yield fell 8.5 basis points to 8.45%.
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