The South African rand broke below the key technical level of R7,72 per dollar to reach a new 2003 best level.
The best level reached at 1419 local time was 7,7003 and some technical analysts say that a break of the 7,72 level implies a move towards the 7,60 level.
This meant the rand has gained almost 180 cents against the dollar since its worst level of 9,0773 rand per dollar reached on January 22 this after gold and platinum soared in February on war jitters and collapsing global equity markets.
The latest move stronger was prompted by worse-than-expected March consumer inflation data that has fuelled speculation that the first interest rate cut may now only come in September rather than June. – I-Net-Bridge