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.
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