The South African rand continued its recent strong run on Monday morning, hitting its best level since August 30 2001 in early trade.
The rand touched an intraday best level of 8,34 to the US dollar and at 08h45 local
time it was quoted at 8,3600 from Friday’s New York close of 8,4350.
It was also firmer against the other major currencies — at 13,4603 against the
British pound (sterling) off a previous close of 13,5868, and at 8,7258 against the euro compared with 8,7883 on Friday.
Dealers said a spike in the gold price to above the $350 an ounce level was also
helping the rand. Bullion was last quoted at $352,25/oz.
A currency trader said the next major level for the rand would be 8,30 per dollar. – I-Net Bridge