“Rand Gains Fifth Day as Bernanke Says Further Stimulus Possible”
“South Africa’s currency appreciated as much as 0.3 percent to 6.8530 per dollar and traded at 6.8550 by 9:35 a.m. in Johannesburg, from a previous close of 6.8760. Against the euro the rand added 0.4 percent to 9.1563.
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The rand has surged 37 percent since the start of last year as interest rates in developed nations fell to near-zero, boosting the appeal of borrowing at low rates in those countries and investing the money in higher-yielding markets. South Africa’s 5.5 percent main interest rate compares with deposit returns of 0.1 percent in Japan and 0.25 percent in the U.S.” Read more.
“Rand Gains Fifth Day as Bernanke Says Further Stimulus Possible”
Stephen Kirkland and Linda Shen
San Francisco Chronicle, December 6, 2010.
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