Rand hits 5 month high | The Rand Today

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Friday, 3rd April 2009 at 7:50 am by Rander

Rand hits 5 month high

The rand reached a five and a half month high yesterday (Thursday) against the greenback this on the back of positive equity markets across the world following the news from the G20 summit that they have agreed to a deal making available more than $1 trillion in additional funds for leading international financial institutions, and laid the groundwork for a recovery of the global economy. The news from the G20 sent global equity markets soaring into positive territory. In South Africa, the JSE All Share index closed 3.19% in the positive whilst the rand was trading at 9.1350 against the dollar at 17:35, about 2.3% firmer than its previous New York close of 9.3505 on Wednesday. It touched 9.1102 earlier, its firmest level since October 15, according to Reuters data. Could this just be a sign that the world economy is starting to recover due to the G20 summit? Watch this space.

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