THE South African rand changed course against the dollar yesterday and strengthened when traders booked profits after it breached a crucial level in the previous session.
The rand went to 8,9689 per dollar at 1520 GMT after closing at 9,0485 in New York on Thursday.
It also tracked the euro, the currency of South Africa’s biggest block trading partner, which hit an 11-month high as the region’s prospects brightened with news that banks there would be repaying billions of euros in emergency three-year loans extended just over a year ago.
Inflation-linked bonds were snapped up at primary auction yesterday, with the government raising the entire R800 million it had sought. Investors tendered more than R1,4 billion for the 2025, 2038 and 2050 debt.