South African Rand Strengthens Against US Dollar
November 24 2009 - 7:08AM
RTTF2
The South African currency gained ground against the US dollar
in early trading on Tuesday after the Statistics South Africa
announced that the gross domestic product or GDP increased a
seasonally adjusted and annualized 0.9% sequentially in the third
quarter. This beat economists' expectations, who called for an
increase of 0.5%.
Hovering near yesterday's 4-day high, the rand rose to 7.446
against the greenback around 7:00 am ET. The dollar-rand pair,
which was worth 7.5020 at yesterday's close, is currently quoted at
7.4710. If the domestic unit gains further, resistance is likely to
be seen near the 7.363 level.
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