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Rand Strengthens Against the Dollar


The rand, South African currency, strengthened against the dollar as signs that the global recession is slowing boosted demand for higher-yielding assets.


Now that the U.S reported that a leading index rose in May for a second consecutive month and announced a drop in number of Americans receiving unemployment benefits, investors are more willing to start taking risks.

 

In Johannesburg, the rand traded about 0.80 percent stronger (at 8.0899) compared to 0.90 percent in June 12. Lars Rasmussen, an emerging market currency strategist at Danske Bank in Copenhagen said, "The rand is trading in line with global risk appetite. When sentiment improves it tends to benefit riskier assets like the rand."


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