JOHANNESBURG – South Africa’s rand backed off from a two-week peak in thin trade on Friday but remained on track to end higher for the year aided by a dollar retreat against a basket of major currencies.
* At 0650 GMT the rand traded 0.2 percent weaker at 13.6325/dollar compared to a close at 13.6050 overnight in New York.
* The index measuring the dollar against six major currencies was down 0.25 percent at 0650 GMT.
* The rand has gained nearly 3.5 percent in the last five sessions, helped in part by a recent recovery in global commodity prices and the retreat by the greenback.
* Recent economic data has been mixed, but broadly points a modest recovery in the economy of Africa’s most industrialised state, with growth seen around 1 percent in 2017.
* Data showed private sector demand for credit fell sharply in November, to 4.6 percent year-on-year, it lowest in more than five years according to Thomson Reuters data.
* Government bonds inched firmer, with the yield for 2026 benchmark instrument down 1 basis points 8.935 percent.
* Stock futures index up 0.4 percent, indicating South African bourse will open higher when trade resumes at 0700 GMT.(Reuters)
