Submitted by Anonymous on Mon, 29/11/2010 - 10:32am
Finance Minister Gordhan announces a smaller budget deficit; ignores union demands
South Africa’s rand rallied to its strongest in almost two weeks after Finance Minister Pravin Gordhan announced a smaller-than-expected budget deficit and ignored union demands to scrap inflation targeting.
According to Bloomberg news, the currency of Africa’s biggest economy appreciated as much as 1.4 percent to 7.5678 per dollar, its best intraday level since Feb. 4. It traded 1.1 percent stronger at 7.5865 by 5:33 p.m. in Johannesburg, from a close of 7.6712 on the 16th of February.