The South African rand climbed today, rising to the highest level this year, on speculations that the current ruling political party will remain in power, while positive economic news from China increased attractiveness of riskier currencies in general. The rand is the best performer against currencies of emerging economies.
The ruling African National Congress is expected to extend its 20-year dominance in the National Assembly, giving hope for stability in the country. China’s trade balance expanded from $7.7 billion to $18.5 billion, more than was expected. Russia took steps to calm down tensions with the neighboring Ukraine, reducing risk aversion on the Forex market and making riskier investment options more attractive.
USD/ZAR fell from 10.4525 to 10.3373 as of 14:19 GMT today and reached the low of 10.3320.
If you have any questions, comments or opinions regarding the South African Rand,
feel free to post them using the commentary form below.
