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South African Rand Strengthens Against US Dollar 77 days ago
(RTTNews) - The South African currency gained ground against the US dollar in early trading on Tuesday after the Statistics South Africa announced that the gross domestic product or GDP increased a seasonally adjusted and annualized 0.9% sequentially in the third quarter. This beat economists' expectations, who called for an increase of 0.5%.
Hovering near yesterday's 4-day high, the rand rose to 7.446 against the greenback around 7:00 am ET. The dollar-rand pair, which was worth 7.5020 at yesterday's close, is currently quoted at 7.4710. If the domestic unit gains further, resistance is likely to be seen near the 7.363 level.
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