Rand gains on softer dollar, Newsline

Compiled by Dhivana Rajgopaul

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The South African currency clawed back overnight losses despite sombre local data yesterday according to NKC Research.

On the international front, the greenback dropped following the first debate between United States presidential hopeful Joe Biden and the incumbent Donald Trump. On US soil, the final Q2 GDP growth reading was stale upon release as real-time data points to an economic recovery of roughly two-thirds of the output loss in Q3, but momentum slowing sharply entering Q4.

At the close of local trade, the rand quoted 1.79 percent stronger at R16.68/$, after trading in range of R16.66/$ – R17.03/$. The rand traded steady overnight. The expected range of the rand against the dollar today is R16.55/$ – R16.80/$.

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