January 7, 2019 / 7:08 AM / a year ago

South Africa's rand consolidates gains after dollar dip

JOHANNESBURG, Jan 7 (Reuters) - South Africa’s rand was largely unchanged in early trade on Monday, steadying after a strong run last week when dovish US Federal Reserve comments hit the dollar.

* At 0700 GMT the rand was 0.02 percent weaker at 13.9575 to the greenback after strengthening to a two-week best on Friday as emerging markets were boosted by increased expectations of the U.S. central bank cutting lending rates this year.

* With little on the local data front, the rand has looked to offshore events for direction, and has seen volatile trade with swings in the dollar setting the tone.

* The rand is expected to trade in the range of 13.80 to 14.10 against the dollar this session, NKC African Economics said.

* Bonds opened firmer, with yield on the benchmark paper due in 2026 down 4.5 basis points to 8.755 percent.

* Stocks were set to open stronger, with the Johannesburg Stock Exchange’s Top-40 index up 1.30 percent at 47,061 points.

Reporting by Tanisha Heiberg Editing by Joe Brock

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