Forex News

The South African rand was the best performing among 16 main traded currencies in foreign-exchange markets, as demand for metallic commodities exported from the African nation rose globally, increasing their rates and influencing positive the rand’s price and attractiveness.

The South African rand had the worst performance among 16 main traded currencies today after a news agency affirmed that the national central bank intended to intervene massively stopping the rand to fluctuate, causing a negative impact in the rand rates today.

The South African currency witnessed a rally this week that set the rand to the highest rate versus the U.S. dollar after a decreased appeal for the U.S. currency combined with an increase in rates of metallic commodities provided support for the rand to outperform a number of currencies.

The South African rand erased losses from the beginning of the way today on speculations that interest rates in country will not be cut, raising attractiveness for the high-yield profile of the South African currency.

The South African currency, which hit an eleven-month high versus the greenback this week, pared its weekly gains as an Indian newspaper affirmed that the merging of Bharti with MTN may take longer than expected, raising concerns about investments in South Africa.

The South African Rand climbed sharply today as a stake in one of the main South African mobile operators may be purchased by an Indian group, injecting money in the country and raising confidence for the rand outlook.

The South African rand, which posted several weeks of decline as a new wave of risk aversion spread around equities and currency markets, rose as the world cup stadium construction workers strike ended, raising confidence in the country as stability returned.

The South African rand, which was the best performing currency in the first quarter among the 16 most traded currencies, thanks to a wave of risk appetite, fell for the third day in a row, as pessimism increases risk aversion, damping demand for high-yielding emergent markets currencies.

The South African rand had a third consecutive day of positive performances as the global economic conditions are evidently improving, adding attractiveness to emergent market currencies.

The South African currency climbed this week against the dollar, after the African National Congress, the winning party, is expected to maintain the current economic policies in the country.