Japan’s Monetary Policy Drives Rand Higher
The South African rand appreciated today after the Bank of Japan spurred risk appetite on the Forex market by boosting its stimulating measures in order to help the economy.
The quantitative easing program of Japan’s central bank boosted stocks and commodities, increasing the appeal of South Africa’s currency. The Standard & Poor’s GSCI index climbed 0.6 percent today. The Johannesburg Stock Exchange reported that overseas investors bought 2.8 billion rand ($317 million) of South African bonds yesterday.
USD/ZAR fell from 8.8592 to 8.8575 as of 21:55 GMT today, reaching the low of 8.8092 intraday.
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Earlier News About the South African Rand:
- Rand Resumes Drop Even as Strikes End (2013-01-17)
- Rand Ends Five-Day Drop (2013-01-14)
- Rand Drops amid Labor Unrest in South Africa (2013-01-10)
- South African Rand Gains on Bond Purchases, Retreats (2013-01-09)
- Rand Extends Drop on Threat of Strikes in Agricultural Industry (2013-01-08)