The South African rand extended gains on Monday, building from the previous week, as investor sentiment towards Africa’s most industrialised economy improved.
At 1317 GMT, the rand traded at 18.5250 to the dollar, over 1% stronger than its closing level on Friday.
The dollar was slightly weaker – trading at 103.450 against a basket of global currencies.
Analysts say the rand’s gains come partly on the back of reduced intensity of power cuts at home and speculation that the BRICS summit of emerging countries may be moved out of Johannesburg due to the arrest warrant by International Criminal Court hanging over Russian President Vladimir Putin’s head.
REUTERS.
