The South African (SA) Rand chalked up further gains against the Dollar on Tuesday, helped by gold prices reaching another record high.
Soaring prices of precious metals, a major SA export, have helped to propel the rand to its strongest in more than three years.
The currency is on course to end the year up more than 12% against the Dollar, also bolstered by the country’s improved fiscal performance and success containing inflation.
The Rand traded at 16.6875 against the Dollar , up about 0.1% from Monday’s close and at its strongest since August 2022.
Johannesburg-listed stocks also advanced, with the Top-40 Index last up 0.6%, extending the previous day’s gains.
Trade was thinner than usual, with many investors away from their desks for end-of-year holidays.
–Reuters–
