Rand Advances Ahead of European Ministers’ Meeting

The South African rand advanced against the US dollar today after three day of losses as the euro gained versus the greenback on hopes that European lawmakers would approve an increase of the bailout fund.
European finance ministers meet in Copenhagen today to discuss whether to boost the rescue fund. The euro gained against the dollar, helping the rand in the process. Additionally, the European Union is one of the major trading partners of South Africa, therefore its economic health affects the rand strongly. Earlier, a report showed that borrowing of South African consumers grew 7.9 percent in February, following the increase by 7.3 percent in January.
USD/ZAR fell from 7.7110 to 7.6600 as of 10:31 GMT today.

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