South African Rand Rises To 6-day High Against US Dollar
September 03 2009 - 6:02AM
RTTF2
The South African rand that closed Wednesday's deals at 7.8025
against the US dollar advanced more than 1.20 percent to touch a
6-day high of 7.7050 by 10:25 am ET Thursday. The rand is presently
worth 7.7509 per dollar and a move above the 7.68 resistance level
may lead the domestic unit to touch its highest level in
6-week.
In economic news, the South African Reserve Bank said in a
report that nation's budget deficit was 10% of GDP in the first
quarter of the fiscal year. At the same time, the deficit,
excluding borrowing and debt repayment, rose to ZAR 57.7 billion
from a year ago.
In a separate report, the central bank said the deficit in
current account was 3.2% of GDP in the second quarter, narrowing
from 7% of GDP in the previous quarter.
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