Wednesday saw the South African rand gain against the world's reserve currency, disregarding concerns about Greece's inability to finalize a pact with private creditors to slash its debt, according to Reuters.
The monetary unit of the largest economy on the African continent reversed three consecutive days of losses to the U.S. dollar, Bloomberg reports. Drivers include business confidence pushing to its top level in eight months and foreign reserves of South Africa pushing to their highest recorded level ever, which also benefited the performance of South African stocks.
"We have really struggled to ratchet higher. I think we're going to look at something like 6.57-6.67 as a range to begin with, and then continue to follow the euro intra-day," trader Jim Bryson with Rand Merchant Bank told Reuters.
South Africa saw business confidence climb to 99.5 percent, which is the highest level that metric has been since June 2011.
Greece is working on details to acquire its second tranche of international bailout aid since June 2010 and the deadline of March 20 is looming as the Aegean nation aims to prevent defaulting on financial obligations.
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