The South African rand jumped today against the US dollar as Germany’s Chancellor Angela Merkel confirmed that the European Union is committed to support the stability of the euro.
Merkel said that Germany is committed to preserve the monetary unity and the shared 17-nation currency even as Greece struggles to avoid a sovereign default. The euro often influences rand as the European currency is involved in most of South Africa’s trade. The poor economic data from the US also helped the rand to gain versus the dollar.
USD/ZAR fell to 6.7310 from 6.8080 as of 14:04 GMT today.
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