South African Rand Rises To 11-day High Versus Greenback
March 01 2010 - 4:32PM
RTTF2
Against its US counterpart, the South African rand traded higher
during New York deals on Monday. At about 3:15 pm ET, the rand
jumped to 7.5720 versus the greenback, which may be compared to
Friday's closing value of 1.3073. This set an 11-day low the South
African currency. The next upside target level for the rand is seen
at 7.5500.
South Africa's seasonally adjusted Purchasing Managers Index or
PMI for manufacturing increased to 60.4 in February from 53.6 in
January, the Kagiso Securities said on Monday. This was the highest
reading since early 2007. A reading above 50 indicates expansion,
while one below 50 suggests contraction.
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