Rand Pare Losses on Rates Speculations

The South African rand erased losses from the beginning of the way today on speculations that interest rates in country will not be cut, raising attractiveness for the high-yield profile of the South African currency.

The South African currency lost only to the Romanian leu today among currencies that gained versus the U.S. dollar, as speculations indicate that interest rates in the country will not be cut further, and inflation figures in the country remain low, making the rand one of the highest yielding currencies available in foreign-exchange markets.

USD/ZAR traded at 7.3775 as of 22:39 GMT from an opening rate of 7.4663.

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