The South African rand rose today as it followed gains of raw materials ahead of the presidential election in the United States of America today. The positive outlook for US fundamentals also contributed for the gains of the rand.
Earlier, riskier assets were a bit soft because of uncertainty caused by the US election. Today, the market sentiment has turned. The Standard & Poorâs GSCI Index of commodities climbed as much as 1.1 percent, the highest level since October 9. South Africa’s economy is export-driven, therefore higher prices for raw materials are beneficial for the South African currency.
USD/ZAR fell from 8.7243 to 8.6597 as of 15:54 GMT today.
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