Rand Targets More Gains After Breaching Long-Term Average: Chart

Fueled by renewed appetite for emerging-market assets and an affirmation of South Africa’s investment-grade rating by S&P Global Ratings, the rand traded stronger than its long-term average on Tuesday for the first time since May 3. That may trigger further gains, according to Kamran Sheikh, a technical analyst at Informa Global Markets in London. The next target is the April 29 high of 14.115 per dollar, and if that gives way, the five-year trend-line dollar-support at around 13.75, Sheikh said.

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