Tuesday, 22nd July 2008 at 6:45 pm
Rand reaches 2 month high against the dollar

The rand firmed 1% to its strongest level against the dollar in two months today (22 July), despite the greenback’s own rally after a Federal Reserve official said US rates may have to rise. At 16:29 the rand traded at R7.5080/$, having briefly gotten to R7.5005 a short while earlier. This is the firmest the local currency has been since May 19. The rand had closed on Monday at R7.5800. Some analysts predict the rand to remain around these levels for the rest of the week.

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