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Rand strengthens despite fiscal erosion

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Cape Town -  The market reacted positively to the fact that fiscal erosion is entirely attributed to lower tax revenues and not raised expenditure, notes Overberg Asset Management.

Despite the fiscal erosion the rand strengthened versus the dollar, pound and euro from R/$14.00 to 13.82, from R/£17.07 to 16.79 and from R/€15.21 to 15.11, it said in its weekly overview of the South African economic and investment landscape.

The projected tax revenue shortfall for full year 2017 is R22.8bn, resulting from weaker economic growth, OAM said further.

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ZAR/USD
16.91
(-0.94)
ZAR/GBP
21.47
(-0.45)
ZAR/EUR
19.77
(-0.65)
ZAR/AUD
12.05
(-0.16)
ZAR/JPY
0.16
(-0.90)
Gold
1880.95
(-1.23)
Silver
23.45
(-3.96)
Platinum
856.00
(-1.89)
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42.24
(+0.55)
Palladium
2188.99
(-0.83)
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53349.64
(+0.16)
Top 40
49208.19
(+0.17)
Financial 15
9505.31
(-0.68)
Industrial 25
72296.42
(+0.57)
Resource 10
52993.71
(+0.11)
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