The South African rand pushed on Friday to its top value in two weeks against the U.S. dollar while it barreled toward to a second-straight week of gains against the world's reserve currency, Bloomberg reports.
Drivers of the uptick of the monetary unit of the largest economic system on the African continent include data suggesting the global economy is strengthening, which brightens prospects for enhanced exports from the nation.
"The impact of a stronger rand in early 2012 has helped to offset some of the imported price pressures," states an email to the news service authored by economist George Glynos with ETM Analytics in Johannesburg. "Expect a similar trend to hold in months ahead."
A commodity prices index rose to its top level since June of 2011 while global emerging market stocks climbed. South Africa's gross domestic product rose 2.9 percent during the final quarter of 2011, representing a sizable gain from the 1.4 percent growth during the third quarter.
The value of the rand increased in response to the U.S. dollar's weakening and South African government bonds climbing back from recent losses, according to Reuters.
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