FILE PHOTO: South African rand coins are seen in this photo illustration

S.Africa's rand firms after better-than-expected current account data

JOHANNESBURG (Reuters) - South Africa's rand was more than 1 percent stronger after central bank data showed the country's current account deficit had narrowed to 3.3 percent of gross domestic product (GDP) in the second quarter.

At 0907 GMT the rand was 1.15 percent stronger at 15.2575 versus the dollar.

The current account deficit narrowed from a revised 4.6 percent of GDP in the first quarter, coming in slightly below the 3.4 percent deficit analysts polled by Reuters had expected.

The yield on South Africa's benchmark government bond maturing in 2026 fell 4 basis points to 9.17 percent, reflecting stronger bond prices.

Stocks were firmer, with the All-share index up 0.47 percent to 57,373 points, while the top-40 index rose 0.50 percent to 51,089 points.

(Reporting by Patricia Aruo; Editing by Alexander Winning and Peter Graff)

First Published: 2018-09-06 09:32:13
Updated 2018-09-06 12:23:11

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