The South African rand gained today, advancing for the fourth straight trading session, as the nation’s current account deficit remained unchanged last quarter, proving that analysts’ pessimistic predictions were wrong.
South Africa’s current account shortage stayed at 6.4 percent of gross domestic product in the third quarter, the same as in the preceding quarter. Economists have expected it to widen to 6.7 percent. The South Africa’s central bank cited the gap as one of the reasons for leaving the main interest rate unchanged at its last policy meeting.
USD/ZAR traded at 8.7274 as of 10:25 GMT today, falling from the opening price of 8.7710 and the daily high of 8.7920.
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