The South African (SA) Rand gained against the United States (US) Dollar on Monday as prices of precious metals, a key export, rose on global markets.
The Rand was up about 0.4% from Fridays close at 16.71 to the Dollar.
Johannesburg-listed stocks also firmed, with the main bourse’s Top-40 Index, last up 1.3%.
Gold hit a record high on Monday, riding on growing expectations of further US interest rate cuts and strong safe-haven demand.
Platinum, meanwhile, touched its highest in more than 17 years.
“We could see a test of the Rand to the Dollar, level again on the back of a surge in precious metals prices and strong exporter inflows,” Wichard Cilliers, Head of Market Risk at TreasuryONE, said in a research note.
The Rand has had a strong year, rising more than 12% against the Dollar thanks to SA’s improved fiscal performance, success containing inflation and soaring precious metals prices.
–Reuters–
