The South African rand strengthened today amid the positive market sentiment that increased demand for assets of emerging markets, including South African bonds.
Overseas buyers purchased 5.72 billion rand ($645 million) of South African bonds last week. European finance ministers are meeting today to discuss help for Greece yet again. Hopes for a positive outcome of the meeting encourage Forex traders to purchase riskier currencies. The eurozone is South Africaâs biggest trading partner and has bought 22 percent of the country’s exports last year.
USD/ZAR fell from 8.8788 to 8.8678 as of 14:56 GMT today.
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