Rand strengthens for second day as election gets underway
The rand gained a second day on Wednesday as South Africans started voting in an election that may determine prospects for reforms to revive the country’s flagging economy.
The currency advanced 0.6% to 14.3530 per dollar by 14:13 in Johannesburg, after gaining as much as 0.9% earlier. Yields on dollar bonds due 2028 climbed three basis points to 5.23%, while the cost of insuring the debt for five years using credit-default swaps rose three points to 197, the highest since March.
Courtesy : News24