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South African rand raises

ByVictoria

The South African rand strengthened on Tuesday, helped by the gold price extending its historic run to a new all-time peak.

At 0814 GMT, the rand traded at 18.0175 against the dollar , about 0.4% stronger than its previous close.

“At some point a gold price that continues to rise will excite local miners to make a greater effort to mine difficult-to-reach gold deposits. What may not have looked viable several years ago must be looking interesting now,” said ETM Analytics in a research note.

Source – Reuters

South African rand – is the official currency of South Africa. 1 South African Rand is $0.055 USD.

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