JOHANNESBURG - The rand ended firmer on Monday, boosted by growing hopes of a trade deal between the United state and China, but trading was cautious ahead of crucial local and offshore data that could see the currency’s slide resume.
The rand has shed more than 3% since last Monday to make it one of the worst-performing emerging currencies in February and is due to face short term volatility with local economic growth figures out on Tuesday and US jobs data on Friday. On Friday, S&P Global Ratings upped Eskom’s outlook to stable from negative but warned the recent R69 billion government bailout was not enough to cover the firm’s funding requirements.Stocks were also little changed, with the Johannesburg Stock Exchange’s top-40 index closing up 0.11% at 49,895 points and the broader all-share up 0.02% 56,217 points.
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