The South African Rand climbed sharply today as a stake in one of the main South African mobile operators may be purchased by an Indian group, injecting money in the country and raising confidence for the rand outlook.
Bharti Airtel Ltd. is the main mobile-phone operator in India, and would be interested in purchasing a stake in MTN, the leading mobile telecommunications company in Africa, Headquartered in the rand’s nation, helping the South African currency to reach an eleven-month high versus the U.S. dollar, since, if this fusion will be confirmed, investments of over $7 billion are expected to be done in the country’s telecommunications industry.
USD/ZAR traded at 7.6645 as of 19:10 GMT from a opening rate today of 7.7365.
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