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Rand/USD at best level in two weeks

The rand strengthened to its best level against the US dollar in two weeks‚ shrugging off the weaker-than-anticipated gross domestic product.

At 4.10pm‚ the rand was bid at R8.8133 to the US dollar from Monday’s close of R8.8460. The local currency was bid at R11.4028 to the euro from its previous close of R11.4887 and at R14.1340 against sterling from R14.1781 before.

Graphic: renjith krishnan

The euro was bid at $1.2943‚ from $1.2989 previously.

“The stronger rand is a function of firmer commodity prices after a Greek debt deal and euro/dollar strength‚” said Henry Flint‚ analyst at Thebe Stockbroking.

SA's real gross domestic product rose by 1.2% on a quarter on quarter and seasonally adjusted annualised basis in the third quarter of this year from a revised 3.4% (3.2%) in the second quarter‚ Statistics SA data showed on Tuesday. - I-Net Bridge

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