Friday, December 25, 2009

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.

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