The monetary unit of the largest economic system in the African continent gained for its fifth session in the past six amid applications for unemployment benefits dropping to their lowest level since April 2008. The rand also pitched higher in value by demand rising for risk assets after banks in the embattled euro zone sought European Central Bank refinanced loans.
"One now feels there is a greater probability that the dollar-rand heads back below the 8 rand handle once more," according to a Thursday email to Bloomberg authored by economist George Glynos with ETM Analytics of Johannesburg.
While the moneypiece has demonstrated some verve as of late, thus far this year it has lost approximately 19 percent of its value to take on the dubious distinction as emerging market currencies' worst-performing monetary unit.
Also driving higher in value on Thursday were South African stocks, Business Day reports. But trade activity on the markets is slowing these days due to the holidays and not expected to pick up until next year.
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