South Africa's Rand Rallies to End Seven-Day Losing Streak
- Technical indicators suggest to some traders fall overdone
- Trims loss this year to 7 percent, most among 31 currencies
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South Africa’s rand rebounded from seven days of declines, rising the most among major and emerging-market currencies, as technical indicators suggested to some traders the currency’s fall to a record this week was overdone.
The currency of Africa’s most developed economy gained 0.8 percent to 16.6407 per dollar by 12:38 p.m. in Johannesburg on Tuesday, reversing an earlier decline of as much as 1 percent. That trimmed losses this year to 7 percent, the biggest retreat among the 31 emerging-market and major currencies tracked by Bloomberg.