South African Rand Rises Against U.S. Dollar After IMF Growth Upgrade
May 19 2017 - 4:03AM
RTTF2
The South African Rand advanced against the U.S. dollar in the
European session on Friday, after the International Monetary Fund
raised the nation's growth forecast citing a resumption of solid
agricultural production as the drought ends.
Concluding the 2017 Article IV consultation discussions with
South Africa, IMF staff team led by Paolo Mauro said the pace of
recovery this year and the next is unlikely to prevent a further
increase in unemployment and a continued decline in per capita
incomes.
The rand that closed yesterday's deals at 13.42 against the
greenback gained to 13.23. The next possible resistance for the
rand is seen around the 12.5 region.
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