South African rand firms after big fall following Trump victory
JOHANNESBURG, Nov 13 (Reuters) -South Africa's rand firmed in early trading on Wednesday after three days of heavy losses as markets fretted over what U.S. President-elect Donald Trump's policies could mean for trade relations.
At 0736 GMT, the rand traded at 18.05 against the U.S. dollar ZAR=D3, about 0.4% stronger than its previous close.
The currency has been highly volatile, losing about 4% against the greenback since the U.S. election on Nov. 5.
"The currency has struggled amid rising U.S. Treasury yields and dollar strength driven by expectations of pro-growth policies under Trump," said Andre Cilliers, currency strategist at TreasuryONE.
"Although (South Africa's) terms of trade remain relatively robust, short-term speculative positioning has pressured the rand," Cilliers added.
The rand is likely to take direction from global drivers on Wednesday amid a light domestic calendar.
On the Johannesburg stock market, the blue-chip Top-40 index .JTOPI was down about 0.3% in early trade.
South Africa's benchmark 2030 government bond ZAR2030= was slightly weaker in early deals, with the yield up 2 basis points to 9.25%.
Reporting by Tannur Anders; Editing by Savio D'Souza
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