South Africa’s rand firms, stocks set to open lower

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JOHANNESBURG (Reuters) – South Africa’s rand firmed in early trade on Tuesday after three straight session of losses, supported by an easing dollar, with market focus on the ongoing policy conference of the ruling African National Congress (ANC).

At 0645 GMT, the rand traded at 13.1700 per dollar, 0.38 percent firmer than its New York close on Monday.

“The rand is very edgy and still has a bias for weakness but should find some stability today given the U.S. holiday and lack of global event risk,” Rand Merchant Bank currency strategist John Cairns wrote in a note.

He added: “Global risks may be low but local risks are high because of the policy conference.”

Stocks were set to open lower at 0700 GMT, with the JSE securities exchange’s Top-40 futures index down 0.63 percent.

In fixed income, the yield for the benchmark government due in 2026 fell 1 basis point to 8.815 percent.

(Reporting by Olivia Kumwenda-Mtambo; Editing by Andrew Heavens)