05 Dec 2012

Rand strengthens on Chinese optimism

I-Net Bridge

Johannesburg – The rand strengthened on Wednesday afternoon after comments from China spurred optimism of potentially higher economic growth in the world’s second-biggest economy.

“The rand is stronger today on stronger commodity prices caused by comments made in China about targeting policies to improve economic growth in the country‚” said Viv Govender‚ a market analyst at Vunani Capital.

At 15:45‚ the rand was bid at R8.7758/$ from Tuesday’s close of R8.7856. The local currency was bid at R11.4578/€ from its previous close of R11.5021 and at R14.1187 against sterling from R14.1374 before.

The euro was bid at $1.3068 from Tuesday’s close of $1.3098.

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