After a bearish last week that forced emerging market currencies down versus refuge investments in the U.S. and Japan, risk appetite returned timidly today, allowing the South African rand to climb as commodities rebounded.
The South African rand topped the list of best performing currencies in the beginning of this week as risk appetite rebounded globally after concern an eventual Greek deficit default decline today after government officials affirmed that the southern European nation will manage to dodge an economic collapse with efficient measures to be taken by Greece’s policy makers to adjust the nation’s budget.
USD/ZAR traded at 7.7250 from an opening rate of 7.7438.
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