Rand firmer, stocks dragged down by profit-taking

JOHANNESBURG - South Africa’s rand firmed on Thursday, eking out gains late in the session as hopes of a trade deal between the United States and China bolstered risk appetite globally.

The rand posted the gains deep into offshore trade, having languished near short term technical support around 14.20 for most of the local session in low volume trade. However, demand from overseas investors has helped the rand cling on to gains that lifted it to a 2-month high on Monday after Moody’s delayed a credit review on the country.

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