South African Rand Advances on Demand for Metals

  December 24th, 2009 at 19:52

South African randThe South African rand touched a one-week high versus the U.S. dollar today as demand for several commodities produced in the country emerged, providing support for the African nation’s currency to advance despite negative speculations.

Despite analysts overview for the rand, suggesting it may decline as interest rates are likely to be raised in U.S. in 2010, the rand rose today to a one-week high versus the greenback as demand for metallic commodities as the gold and the platinum rose globally, consequently bringing capital to the African nation.

USD/ZAR traded at 7.5915 as of 17:48 GMT after trading as high as 7.6150 yesterday.

If you have any questions, comments or opinions regarding the South African Rand, feel free to post them using the commentary form below.

Leave a Comment

Name Required

Email Required

Website

Comment

Archives

SUBSCRIBE

Follow Top Forex News on Twitter