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Rand recovers against ailing dollar, stocks gain

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JOHANNESBURG – South Africa's rand strengthened on Friday against the ailing dollar, which limped toward its worst week against major currencies since last July on the turbulence surrounding Donald Trump's US presidency.

Stocks posted modest gains, lead by Kumba Iron Ore, which saw its shares jump 6.7% as Shanghai rebar steel futures climbed 4% to a six-week peak, supported by worries over tighter supply.

Johannesburg's benchmark Top-40 index rose 0.4% to 47,692.60 while the broader All-share index added 0.42% to 54,427.30.

At 1530 GMT, the rand traded at 13.225 per dollar, 1.5% up on its New York close on Thursday.

The rand's gains after most emerging markets currencies fell on Thursday as uncertainty mounted over US President Donald Trump's future following reports that he tried to interfere with a federal investigation.

In fixed income, the yield for the benchmark government bond due in 2026 added half a basis point to 8.68%.

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