Wal-Mart, euro give rand a boost

2010-09-27 15:10

The rand advanced to a fresh two-and-a-half-year high against the dollar today, partly boosted by US retailer Wal-Mart’s plans to buy local wholesaler Massmart.

The rand was trading at R6.9855 against the dollar, 0.56% stronger than Friday’s New York close of R7.0250.

Also supporting the rand was the euro, the currency of South Africa’s largest trading partner, which hit five-month highs against the greenback.

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