South Africa’s rand firmed in early trade on Thursday, as the safe-haven dollar retreated from a near two-decade high against major peers, tracking an easing in US Treasury yields.

At 0700 GMT, the rand traded at 16.7700 against the dollar, 0.16% stronger than its previous close.

The dollar index, which measures the currency against six counterparts, slipped 0.11% to 106.94, pulling away from the overnight peak at 107.27, a level not seen since late 2002.

On the stock market, the Top-40 index and the broader all-share index rose around 1.3% each.

South African rand weakens as dollar finds support

The government’s benchmark 2030 bond was weaker in early deals, with the yield up 0.5 basis points to 10.720%.