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Rand races to month high amid SABMiller inflows talk

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Johannesburg - The rand strengthened to a one-month high against the dollar, leading global currency gains, amid speculation Anheuser-Busch InBev SA has started buying the currency to pay local shareholders for its $104bn acquisition of SABMiller.

The rand gained 1% to R13.76/$ by 11:07 in Johannesburg, bringing the advance in the past six days to 4.5%, the longest winning streak since March 2014.

Inflows from the SABMiller [JSE:SAB] purchase may amount to as much as R100bn ($7.3bn), John Cairns, a currency strategist at Johannesburg-based Rand Merchant Bank, said in an emailed note on Wednesday. AB InBev’s [JSE:ANB] offer was accepted by SABMiller’s board on July 29, and faces its next hurdle when SABMiller’s shareholders vote next week.

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