Rand Gains for First Day in Three on Spanish Bailout Optimism
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The rand advanced for the first time in three days as stocks and commodities rose after two German officials indicated a rolling back of resistance to a full sovereign bailout, raising investor appetite for riskier assets.
South Africa’s currency gained as much as 1 percent, and traded 0.7 percent stronger to 8.7306 per dollar at 4:20 p.m. in Johannesburg, the best performance among 16 major currencies tracked by Bloomberg. Yields on 6.75 percent bonds due 2021 dropped five basis points to 6.73 percent, the lowest in more than a week.