Rand makes break through R10.50

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The rand convincingly broke through resistance at R10.50 to the dollar yesterday, buoyed by euro gains and the possibility of an end to the three-week metalworkers’ strike. At 5pm, the local unit was bid 2.21c firmer at R10.4913 to the dollar. It earlier hit a session high of R10.466, making a convincing break through R10.50 resistance, which traders say opens up the R10.30 to R10.40 space. Analysts said investors were also relieved by evidence, through inflation data, that the Reserve Bank was taking the right policy path with a gradual interest rate tightening cycle. The bank raised the repo rate by 25 basis points to 5.75 percent last week. – Reuters

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