[miningmx.com] – THE South African rand was the world’s most oversold currency, according to Bloomberg News citing its analysis of trading patters.
However, the currency was likely to stage a recovery. “History tells you it will probably get to a better level,’ Ion de Vleeschauwer, the Johannesburg-based chief dealer at Bidvest Bank, told Bloomberg News.
“It is stretched. Everybody’s saying it, the central bank is saying it, market participants are saying it. We’ll see a recovery, although it may still be a week or two away.’
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