* Rand firms vs dollar
* Bonds rebound, stock futures down
JOHANNESBURG Feb 13 (Reuters) – South Africa’s rand
firmed against the dollar on Monday, with further gains seen as
calm returned to the market after nervous selling on Friday
caused in part by a cryptic announcement from the central bank
that spooked traders.
Friday’s statement said President Jacob Zuma would announce
something of “national importance” with Reserve Bank Governor
Gill Marcus and Finance Minister Pravin Gordhan on Saturday,
sparking fears of major policy or personnel changes.
However, the revelation turned out to be a new set of bank
notes bearing the image of Nelson Mandela, South Africa’s first
black president and leader of the anti-apartheid movement.
“There was uncertainty on what they would announce over the
weekend but it turned out to be something not market-moving, and
the rand has reversed all the losses made on Friday,” said Lee
Naisbitt, dealer at Rand Merchant Bank.
“Today we are going to resume the downtrend. The rand should
start off with 7.62-72 for the day. This opens up the downside.”
The rand was trading at 7.6650 against the dollar,
nearly one percent firmer than Friday’s New York close of
7.7395.
Local bonds also rebounded in line with the currency.
Continued…
