Forex News

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.

Earlier News About the South African Rand:

• South African Rand Down as Greenback Appeal Rises (2009-12-21)
• South African Rand Remains Bullish on Dubai Optimism (2009-12-15)
• South African Rand Down on Commodities, Dubai Debt (2009-11-27)
• Rand Advances as Recession Officially Ends (2009-11-24)
• South African Rand Down on Rally Concerns (2009-11-20)

This entry was posted on Thursday, December 24th, 2009 at 7:52 pm and is filed under South African Rand. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.