BLBG:Rand Advances Most in a Month Versus Dollar as Commodities Gain
The rand strengthened for a second day this week, gaining the most in almost a month against the dollar, as commodities rebounded.
The rand advanced as much as 1.1 percent to 6.9072 per dollar, the biggest intraday increase since April 21, and traded 0.9 percent stronger at 6.9230 at 10:25 a.m. in London. It gained 0.3 percent to 9.8672 per euro. Local markets in South Africa are closed today for elections.
Gold and platinum, South Africa’s biggest exports, advanced, while copper climbed for a fifth day, joining a rally in equities and other commodities including oil, on prospects for increased demand and as some investors ended bets on price declines.
To contact the reporter on this story: Chris Kay in London at ckay5@bloomberg.net
To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net
