South African Rand Gains on Surprisingly Strong Economic Growth

The South African rand rallied today after South Africa’s economy demonstrated surprisingly strong growth.
South Africa’s gross domestic product rose 3.1% in the June quarter from the previous three months. The economy was growing at exactly the same rate as it was falling in the preceding quarter. Analysts had predicted a slower growth of 2.4%.
USD/ZAR dropped from 15.2401 to 15.1220 as of 16:59 GMT today. EUR/ZAR fell from 16.7194 to 16.5894, touching the low of 16.5142 intraday.

If you have any questions, comments, or opinions regarding the South African Rand, feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *