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South Africa's rand gains as Trump factor weighs on dollar

South African bank notes featuring images of former South African President Nelson Mandela (R) are displayed next to the American dollar notes in this photo illustration in Johannesburg August 13 2014. REUTERS/Siphiwe Sibeko (Reuters)

JOHANNESBURG (Reuters) - South Africa's rand extended gains on Monday as unease about political developments in Washington weighed on the dollar and kept demand for emerging market currencies steady. At 0640 GMT, the rand gained 0.32 percent to 13.1975 per dollar compared to a close of 13.2400 in New York on Friday. The rand ended the previous week on the front foot but is seen by traders remaining stranded in a range with upper limit of 13.45. The South African Reserve Bank (SARB) announces a policy decision on Thursday, with markets anticipating it will keep interest rates on hold at 7 percent. Economists polled by Reuters a week after Fitch Ratings Agency and Standard and Poor's downgraded South Africa to "junk", said the downgrade would push out rates cuts to 2020. The release of minutes of the U.S. central bank's policy committee meeting, local political wrangling over a March cabinet reshuffle and a Moody's country visit are seen as major factors. Stocks were set to open higher at 0700 GMT, with the JSE securities exchange's Top-40 futures index up 0.44 percent. In fixed income, the yield for the benchmark government bond due in 2026 fell 1.5 basis points to 8.66 percent. (Reporting by Mfuneko Toyana; editing by John Stonestreet)