South African Rand Stops Decline as Commodities Recover
The South African rand gained today, ending the
The Standard & Poor’s GSCI Index of 24 raw materials rose 1 percent, following the yesterday’s decline by 1.7 percent, while the MSCI Emerging Markets Index advanced 0.4 percent. South Africa’s benchmark stock index gained after two days of losses. Greece confirmed budget cuts and increased asset sales to avoid default.
USD/ZAR fell to 6.9710 from 6.9990 today as of 13:35 GMT after it jumped yesterday as high as 7.0180.
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Earlier News About the South African Rand:
- Rand Erases Losses, But Can It Continue Go Higher? (2011-05-19)
- South African Rand Erases Gains on Inflation & Retail Sales (2011-05-17)
- Interest Rates Outlook Keeps Rand Down (2011-05-11)
- Gold Jumps Above $1,500, Helping South Africa's Rand (2011-04-21)
- Rand Jumps on Expectation of Higher Interest Rates (2011-04-20)