Rand reaches 5-month high, bonds gain-continued

February 1, 2012--South Africa’s rand surged more than 2% against the dollar on Wednesday, touching a near-five month high in line with a stronger euro as hopes of a resolution to Greece’s debt crisis helped to lift risk appetite globally.
Government bonds rallied in tandem, supported by continued demand from foreign investors looking for yield in emerging markets. The rand soared to a session high of 7.6575/dollar, its strongest level since Sept. 20 last year, and was trading at 7.66 by 16:03 GMT, up 2.05% on the day.

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Source: FIN24

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