Wednesday, January 31, 2007

Rand gains on trade surplus, gold bounce

South Africa's rand firmed against the dollar on Wednesday, bolstered by an unexpected trade surplus for December and a higher gold price, but the move was seen as short-lived.

The local currency was trading at 7.2590 to the greenback at 1530 GMT, a 0.7 percent gain over its previous New York close but off the session's strongest level of 7.2510.

Analysts said the rand gained momentum after official data showed the country notched up a 388 million rand trade surplus in December, thanks to a sharp drop in oil and machinery imports

Read Full Article at Reuters South Africa

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