South African rand set to snap four-week losing streak

According to Business Recorder, the South African rand was on course to end the week firmer on Friday, which would break a four-week run of losses. At 0830 GMT the currency traded at 16.5275 against the dollar, about 0.4% stronger than its previous close and up roughly 0.7% for the week.

Support came from gold, a major South African export, which gained over 1% on Friday. The dollar was broadly unchanged against a basket of currencies, as investors kept an eye on inflation and the path of US borrowing costs. Lower oil prices also brought relief, after President Donald Trump indicated Washington would hold off on any strike on Iran ahead of next month's vote, easing Middle East supply worries.

Elsewhere, the Top-40 index rose 1.4% in early trade on the Johannesburg Stock Exchange, while the benchmark 2035 government bond yield dropped 7 basis points to 8.795%. Analyst Andre Cilliers of TreasuryONE said the near-term direction for the rand hinges on whether better global risk appetite persists or whether oil and yield pressures push investors back to the dollar.