The South African rand extended its gains today for the third day against the US dollar as the favorable economic data from the US signaled that the recovery is underway and improved the risk sentiment among the global investors.
The risk appetite increased after the reports from the US showed that the pending home sales unexpectedly surged, while the number of the claims for the jobless benefits decreased more than predicted. The rand gained 1.3 percent this week. The rally may end today if the reports about the US employment would be negative, as many analysts expect.
USD/ZAR traded today at 7.225 as of 11:23 GMT after it fluctuated between 7.206 and 7.248.
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