Rand Rises to 5-Month High as South Africa Posts Trade Surplus
- Currency gained after Zuma charges ruled to be wrongly dropped
- Extension of Treasury head's contract seen as positive
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The rand gained to its strongest level against the dollar in five months, advancing with emerging-market peers on reduced expectations of U.S. rate increases and after South Africa unexpectedly posted a trade surplus in March.
The rand advanced as much as 1.2 percent to 14.1152 per dollar, the strongest since Nov. 24 on a closing basis, and was at 14.2464 by 5:39 p.m. in Johannesburg. It was set for a third consecutive month of gains, along with other developing-country currencies.