South African Rand Advances Against Dollar
April 01 2010 - 3:19PM
RTTF2
The South African rand traded higher against the US dollar in
New York afternoon deals on Thursday. The rand climbed to a 5 1/2
-month high of 7.2250 versus the greenback at about 3:20 pm ET,
which may be compared to Wednesday's closing value of 7.2858. The
South African currency has been in an upward channel against the
dollar for the past 7 days.
South Africa's fiscal 2010 budget deficit is estimated at 6.8%
of gross domestic product, smaller than 7.3% projected in
February.
The country's Finance Minister Pravin Gordhan said on Thursday
that the Revenue Service expects to collect 648 billion rand in
taxes in the 2010-11 financial year. South Africa collected 598.5
billion rand in the 2009-10 financial year. This figure is 8.1
billion rand more than the revised estimate announced in the
February 2010 Budget and about 60.8 billion rand less than the
initial printed estimate of February 2009.
South Africa's seasonally adjusted purchasing managers index
dropped to 55.6 in March from February's near three-year high of
60.4, a survey conducted by the Bureau for Economic Research and
Kagiso Securities revealed today.
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