JOHANNESBURG, Feb 7 (Reuters) - The South African rand
firmed against a weaker U.S. dollar on Tuesday, ahead of an
address by President Cyril Ramaphosa at the Investing in African
Mining Indaba conference in Cape Town.
At 0614 GMT, the rand traded at 17.6100 against the
dollar, about 0.3% stronger than its previous close.
The dollar eased but was still near a one-month peak, after
traders raised their forecasts for how high the U.S. Federal
Reserve might raise interest rates.
Ramaphosa's speech at the Mining Indaba is part of his
administration's efforts to boost investment and demonstrate
that officials are working to end crippling power cuts.
Later this week, the focus will turn to Ramaphosa's annual
State of the Nation Address on Thursday and a rumoured cabinet
reshuffle.
The Mining Indaba, which brings together mining company
executives, investors, and mines ministers from across Africa
and beyond to discuss industry issues, will run until Thursday.
South Africa's net foreign reserves rose to $54.844 billion
in January from $53.827 billion in December, Reserve Bank
figures showed on Tuesday.
The government's benchmark 2030 bond was slightly
weaker in early deals, with the yield up 1 basis point at
9.710%.
(Reporting by Nellie Peyton; Editing by Subhranshu Sahu)
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