JOHANNESBURG: South Africa’s rand firmed in early trade on Thursday, as the US dollar softened due to a pickup in risk sentiment.

At 0527 GMT, the rand traded at 17.1400 against the dollar, 0.31% stronger than its previous close.

The dollar index was last trading down around 0.4% at 103.84.

“It is important to note that the dollar has come under significant pressure,” ETM Analystics said in a research note, suggesting it is over-valued and has a lot further to depreciate.

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The government’s benchmark 2030 bond was slightly stronger in early deals, with the yield down 2 basis points to 10.190%.