South African Rand Strengthens Against US Dollar
August 18 2009 - 2:20PM
RTTF2
The South African rand showed strength against the US dollar on
Tuesday morning despite a government report showed that South
Africa's gross domestic product or GDP at market prices decreased a
seasonally adjusted and annualized 3% in the second quarter.
Economists were looking for a decline of 3.3%. The GDP had
fallen 6.4% in the previous quarter and was up 1.7% a year
earlier.
On an unadjusted basis, the GDP at market prices dropped an
annualized 2.8% in the second quarter compared to a 1.3% fall in
the preceding quarter.
Bouncing back from Monday's fresh multi-week low, the rand
advanced more than 2.1 percent against the US dollar to reach a
high of 8.0379 around 5:00 am ET. This may be compared to
yesterday's close of 8.165. The dollar-rand pair stayed on holding
pattern thereafter and is currently worth 0.8412 with 7.992 seen as
the next target level.
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