South Africa’s rand was trading at its strongest level in over a month early on Friday, after a week of gains supported by surging gold prices. At 0640 GMT, the rand traded at R18.68 against the US dollar. It was the strongest level seen since early February. “The rand has enjoyed a stellar week so far, capitalising on some appreciation that began last week,” said ETM Analytics in a research note.
The USD-ZAR has cracked below some key technical support and generated momentum of its own, but it is unclear whether the momentum is about to fade,” it added. The rand has been boosted by the price of gold, one of South Africa’s key exports, which is hovering near a historic high. But local economic data releases this week were broadly negative, with the current account deficit widening more than expected and net foreign reserves falling in February.
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