Market News
South African rand climbs to R16.68 on gold price - REUTERS
JOHANNESBURG, Dec 23 (Reuters) – The South African rand chalked up further gains against the dollar on Tuesday, helped by gold prices reaching another record high.
Soaring prices of precious metals, a major South African export, have helped to propel the rand to its strongest in more than three years.
The currency is on course to end the year up more than 12% against the dollar, also bolstered by the country’s improved fiscal performance and success containing inflation.
At 0745 GMT the rand traded at 16.6875 against the dollar , up about 0.1% from Monday’s close and at its strongest since August 2022.
Johannesburg-listed stocks also advanced, with the Top-40 Index (.JTOPI), opens new tab last up 0.6%, extending the previous day’s gains.
Trade was thinner than usual, with many investors away from their desks for end-of-year holidays.
