Rand strengthens to two-month high

The Star Early Edition - - MARKETS -

THE RAND rose to its high­est in two months yes­ter­day, gain­ing as much as 2 per­cent, ben­e­fit­ing from a brighter com­modi­ties out­look and un­cer­tainty about the out­look for US eco­nomic pol­icy that has favoured emerg­ing mar­ket cur­ren­cies.

At 5pm, the rand was bid at R13.4457 to the dollar, 18.09c firmer than at the same time on Mon­day, a touch weaker than a ses­sion high of R13.41, its high­est since Novem­ber 10.

The gains, seen across emerg­ing cur­ren­cies, were driven largely by a weaker green­back as it dropped to a five-week low fol­low­ing Pres­i­dent-elect Don­ald Trump’s com­ments that the dollar’s strength against the Chi­nese yuan was hurt­ing the US econ­omy.

The rand brushed off dis­ap­point­ing do­mes­tic min­ing pro­duc­tion fig­ures, in­stead fo­cus­ing on climb­ing de­mand for gold glob­ally.

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