South African Rand Rises To 20-day High Versus US Dollar
May 31 2011 - 11:23AM
RTTF2
The South African rand extended its previous session's upward
trading against the US dollar during New York late morning deals on
Tuesday. At 12:10 pm ET, the rand climbed to a 20-day high of
6.8050 versus the greenback from last Friday's New York session
close of 6.9292. On the upside, 6.7938 is seen as the next target
level for the South African unit. Currently, the pair is worth
6.8168.
South Africa's economy expanded more than expected in the first
quarter, data released by Statistics South Africa showed today.
The gross domestic product (GDP) increased an annualized and
seasonally adjusted 4.8 percent sequentially in the first quarter,
which was faster than the revised 4.5 percent growth registered in
the fourth quarter. Economists were looking for a 4.2 percent
growth.
On an annual basis, the GDP increased 3.6 percent during the
first quarter, which was in line with economists' forecast. In the
fourth quarter, the year-on-year increase in GDP was 3.8
percent.
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