Dollar Slips From 10-day High Versus South African Rand
December 07 2009 - 1:55PM
RTTF2
The US dollar traded lower against the South African rand during
New York mid-day deals, after hitting a 10-day high of 7.5210 in
early morning session on Monday. The greenback-rand pair slipped to
7.4008 at about 1:10 pm ET, compared to 7.4237 hit late New York
last Friday. The dollar is presently trading at 7.4658 versus the
South African unit.
South Africa's gross reserves increased to $40.49 billion in
November from $39.79 in the previous month, the South African
Reserve Bank reported on Monday, roughly in line with economists'
expectations.
Foreign exchange reserves edged up to $32.91 billion in November
from $32.76 billion in October. Gold reserves increased to $4.7
billion from $4.19 billion, while SDR holdings were worth $2.88
billion.
At the same time, South Africa's net reserves rose to $39.59
billion from $38.78 billion. Economists had expected net reserves
to amount to $39.8 billion.
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