Johannesburg - South Africa's rand steadied against the dollar on Friday on renewed appetite for risky assets after a ceasefire accord in Ukraine and hopes of a resolution between Greece and its creditors.
At 06h50 GMT the rand was trading at 11.7240 to the dollar compared with its Thursday closing level of 11.7225.
Germany, France, Russia and Ukraine agreed to a deal calling for a ceasefire between Ukrainian forces and Russian-backed separatists starting on Sunday, taking the sting out of investors’ fear on global economic growth.
Investors were also looking forward to further meetings between European leaders and debt-strapped Greece. Even though the market hoped for a resolution, doubts remain on how quickly they can reach any deal.
“Risky assets remain at risk over the weekend ahead of further (Greece) discussions on Monday,” Barclays Africa said in a note.
The yield for the 2026 benchmark government bond was flat at 7.53 percent.
Reuters