Thursday saw the South African rand reverse four days of losses against the U.S. dollar after stronger economic data boosted the monetary unit, Bloomberg reports.
The largest economy on the African continent saw strong manufacturing leading up to January and healthy generation in the mining industry since August 2012. South Africa's current account deficit is forecast to narrow as exports increase. Gains for the rand were as high as 0.5 percent on Thursday.
"The reality is that the trend in the rand cannot continue in this one direction unabated," states a Thursday email to Bloomberg penned by analyst Quinten Bertenshaw with ETM Analytics in Johannesburg. "At some point, the weakness of the rand will be self-correcting."
The central bank of South Africa kept interest rates at 5 percent, preserving the metric at its lowest in more than 30 years to boost the economy's growth and development.
Thursday's gains ceased sharp losses that the rand has endured this week, according to The Independent Online. From Monday through Wednesday, the rand lost about 1.9 percent of its value against the greenback.
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