Rand Strengthens as Global Recovery Gains Momentum

 The South African rand extended its gains against the U.S. dollar for the fourth consecutive day as the speculation that the global economic recovery is gaining momentum encourages the investors to purchase the

higher-yielding assets.

The International Monetary Fund forecast that the global economy would grow by 4.6 percent in 2010, the biggest increase since 2007. The investors bet on the increase of the 6.5 percent benchmark interest rate by the central bank on July 22.

USD/ZAR traded near 7.557 today as of 9:53 GMT after it opened at 7.568.

If you want to comment on the South African rand’s recent action or have any questions regarding this currency, please, feel free to reply below.

Earlier News About the South African Rand:

  • South African Rand Strengthens After G-20 Meeting (2010-06-28)
  • Trade Deficit Hurts South African Rand (2010-05-31)
  • Rand Weakened by European Troubles & Workers’ Strike (2010-05-25)
  • South African Rand Bolstered by Solid Economic Growth (2010-05-24)
  • Rand Strengthens on Prospect for Favorable Outcome of EU Crisis (2010-05-18)

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