Rand Strengthens to Seven-Week High as Gold, Oil Gain on Libya
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The rand gained to a seven-week high against the dollar as gold advanced after rising violence in Libya boosted oil to a 29-month high, stoking inflation concern, and as South African reserves climbed the most in 11 months.
The currency appreciated as much as 0.5 percent to 6.9132 per dollar, the strongest since Jan. 14, before trading 0.1 percent up at 6.8699 by 4:39 p.m. in Johannesburg. Against the euro, the rand added less than 0.1 percent to 9.6133.