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SA rand at 13-mth high vs dollar

Reuters | Tue, 08 Sep 2009 09:17
[miningmx.com] -- The rand advanced to new 13-month highs against the dollar on Tuesday, taking its cue from stronger equities globally and the firm price of gold, a key export earner for South Africa.

At 0639 GMT the rand traded 0.19 percent firmer at 7.5616 to the dollar from Monday's close at 7.5760. It earlier touched 7.5560, its strongest level since Aug. 8 2008, according to Reuters data.

"It was very quiet overnight, with New York out for Labour Day, but the rand still remains positive," a trader in Johannesburg said.

"Generally speaking gold is strong, equity sentiment is positive and it is filtering through to the rand."

South Africa is the one of the world's biggest producers of gold, which rose above $1,000 per ounce for the first time since February on Tuesday.

The blue chip Top-40 September futures contract was up 0.57 percent, suggesting the local bourse would open higher at 0700 GMT after notching a third straight gain on Monday.




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