South African Rand Strengthens After G-20 Meeting

The South African rand gained today as the attractiveness of the higher-yielding currencies increased after the Group of Twenty leaders discussed plans to curb the budget deficits.

The G-20 pledged at least to halve deficits by 2013, to maintain existing stimulus measures and perform “concerted actions” to support the recovery of the global economy. The traders continue to bet on the decrease of the 6.5 percent benchmark interest rate by the central bank on July 22.

USD/ZAR traded at 7.574 as of 11:08 GMT down from the opening level of 7.618.

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