Graphic: renjith krishnan

The rand gained further ground against leading currencies in late trade on Friday‚ breaking below R8.90 to the US dollar‚ tracking a firmer euro/US dollar.

At 3.56pm‚ the rand was bid at R8.8946 to the US dollar from Thursday’s close of R8.9335. The local currency was bid at R11.4928 to the euro from its previous close of R11.4878 and at R14.1720 against sterling from R14.2272 before. The euro was bid at $1.2928‚ from Thursday’s close of $1.2873.

The euro vs greenback strength was supported by a stronger-than-expected monthly survey of German businesses by the Ifo Institute‚ Dow Jones Newswires reported.

The closely-watched Ifo business confidence index rose to 101.4 in November from 100.0 in October‚ the first rise after six straight months of decline. - I-Net Bridge