The South African rand benefited from the gross domestic product in China gaining more than projected during the fourth quarter of 2011. Forecast to grow 8.7 by a Bloomberg poll, the GDP of the nation hosting the globe's most quickly developing economy increased by a rate of 8.9 percent. Consequently, the rand advanced as much as 1.4 percent against the greenback to touch its top price since early December.
"Commodity prices are substantially firmer this morning, gold and other metals in particular, while Asian markets are in the black," state email remarks from currency strategist Nomvuyo Guma with Standard Bank in Johannesburg to the news service. "These indicators imply that risk is back
on, and the rand is thus likely to enjoy further strength today."
As a top consumer of South African raw materials, China is influential to the value of the rand.
A South African bond auction delivered healthy returns despite credit rating service Fitch Ratings downgrading the nation's credit outlook, according to Reuters.
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