(Bloomberg) -- The South African rand declined on
speculation its recent rally to a six-week high may prompt the
central bank to accelerate its purchases of dollars.
The central bank often sells rand when the currency
strengthens, to accumulate foreign exchange reserves and improve
the competitiveness of the country's exporters, which include
some of the world's largest mining companies. The bank may
tomorrow say gross reserves rose more than 1 percent to $28.2
billion in June, according to a Bloomberg survey of economists.
Read more at Bloomberg Currencies News
speculation its recent rally to a six-week high may prompt the
central bank to accelerate its purchases of dollars.
The central bank often sells rand when the currency
strengthens, to accumulate foreign exchange reserves and improve
the competitiveness of the country's exporters, which include
some of the world's largest mining companies. The bank may
tomorrow say gross reserves rose more than 1 percent to $28.2
billion in June, according to a Bloomberg survey of economists.
Read more at Bloomberg Currencies News
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