South African Rand Advances on Demand for Metals
The 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 want to comment on the South African rand’s recent action or have any questions regarding this currency, please, feel free to reply below.
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on Thursday, December 24th, 2009 at 7:52 pm and is filed under South African Rand.
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