The South African rand climbed today, posting the fourth straight day of gains, to the highest level in three years versus the US dollar as the investors seek higher yields while the developed nations keep their interest rates low.
The investors seek profit from the higher interest rates in the emerging markets. The developed countries, like the US, the European Union and Japan, are reducing their interest rates closer to zero, while the rates in South Africa remain at 5.5 percent even after the series of decreases.
USD/ZAR fell today from 6.785 to 6.747 as of 12:43 GMT.
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