South African randThe South African rand rallied today, rising to the highest level in more than a week against the US dollar, as stocks and metals advanced after the speech of Federal Reserve Chairman Ben S. Bernanke last week.
Bernanke said last Friday that the Fed has means to support growth of the US economy, improving market sentiment. The main South African stock index jumped 1.7 percent as prices on the London Metal Exchange increased for a fourth day. South Africa’s economy itself performs not that good, though, and many investors still convinced that the nation’s central bank will cut interest rates.
USD/ZAR fell from 7.1300 to 7.0810 today as of 9:56 GMT and touched 7.0680 — the lowest level since August 17.
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Earlier News About the South African Rand:
* Rand Weakens on Prospect of Interest Rates Cut (2011-08-22)
* Rand Near Monthly High vs. USD on Rate Difference, US Uncertainty (2011-07-26)
* Rand Weakened by Credit Rating Outlook for Greece (2011-07-05)
* Rand Weakens with Commodities on US Growth Forecast (2011-06-23)
* South African Rand Falls on Greek Crisis, Trims Losses (2011-06-20)
