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Rand recovers, stocks shrug off US-China tension

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JOHANNESBURG – The rand recovered on Tuesday as risk appetite improved, having fallen to its weakest in nearly 12 weeks the previous day. At 1525 GMT, the rand was 1% firmer at R17.

52000 per dollar, having touched R17.7800 on Monday, its weakest since 22 May.

“Concerns continue to centre on the prospect for global economic recovery, and particularly for the US economy.” Stocks were lifted by signs that Sino-US tensions have eased ahead of a crucial round of trade talks, while a rise in crude oil prices helped Sasol and mobile operator MTN Group, which has operations in oil-rich Nigeria.

 

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