May 19, 2017 / 9:09 AM / 4 months ago

South Africa's rand recovers, stocks set to open higher

JOHANNESBURG (Reuters) - South Africa’s rand recovered against the dollar early on Friday, after sliding nearly 3 percent on Thursday as the political turmoil in the United States triggered an investor flight from riskier emerging currencies into safe-haven assets.

At 0645 GMT, the rand traded at 13.3000 per dollar, 0.89 percent firmer from its New York close on Thursday.

Most emerging markets currencies fell on Thursday as uncertainty mounted over U.S. President Donald Trump’s future following reports that he tried to interfere with a federal investigation.

“There has been a slight let up as recoveries were made in equities and risk mildly towards the close yesterday, and into Asia this morning,” Standard Bank trader Oliver Alwar wrote in a note.

Stocks were set to open higher at 0700 GMT, with the JSE securities exchange’s Top-40 futures index up 0.38 percent.

In fixed income, the yield for the benchmark government bond due in 2026 fell 4 basis points to 8.73 percent.

Reporting by Olivia Kumwenda-Mtambo; Editing by Jon Boyle

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