JOHANNESBURG: South Africa’s rand was flat against the dollar on Friday, ahead of a four-day long Christmas weekend.

At 0649 GMT, the rand traded at 17.1000 against the dollar, 0.29% stronger than its previous close.

“Although the rand has ended this year much weaker than when it started, much of that was driven by the dollar’s strength,” ETM Analytics said in a research note.

South African rand firms vs dollar as risk sentiment improves

“The dollar remains over-valued and needs to correct, implying that 2023 could well be the year that the rand stages an impressive performance against the dollar,” analysts added.

The government’s benchmark 2030 bond was almost unchanged in early deals, with the yield at 10.160%.