JOHANNESBURG: South Africa’s rand firmed in early trade on Monday, recovering from an all-time low hit against the dollar last week as investors were spooked by possible sanctions amid US allegations, rejected by Pretoria, that South Africa had shipped arms to Russia.

At 0750 GMT, the rand traded at 19.050 against the dollar, 1.45% stronger than its previous close.

The currency - already under pressure over the worst power cuts on record - was pummelled last week by investor concerns over a US allegation that a Russian ship had picked up weapons in South Africa in December.

It hit 19.51 to the dollar at one point on Friday, its weakest level ever.

South African officials swiftly rejected the US claims and said it had not approved any arms shipment to Russia in December. On the stock market, the Top-40 and the broader all-share index were both up nearly 0.1% in early trade.

South Africa’s benchmark 2030 government bond was stronger in early deals, with the yield down 20 basis points at 10.740%.

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The country’s international bonds also rose more than 1.5 cents in the dollar, with longer-dated maturities chalking up the biggest gains after setting six-month lows last week.

The 2052 bond was up 1.475 cents to 83.507 cents in the dollar at 0749 GMT.