Skip to content
Subscriber Only

Rand Leads Currency Gains as SABMiller-Inflow Talk Sparks Rally

  • Inflows from AB InBev deal may reach 100 billion rand: RMB
  • Currency also buoyed by speculation Fed won’t hike rates
Updated on

South Africa’s rand strengthened to a one-month high against the dollar, leading global currency gains, amid speculation Anheuser-Busch InBev SA has started buying the currency to pay local shareholders for its $104 billion acquisition of SABMiller Plc.

The rand gained 1.5 percent to 13.7140 per dollar by 2:01 p.m. in Johannesburg, the most out of 31 emerging-market and major currencies tracked by Bloomberg, and bringing the advance this month to 7.4 percent. Yields on benchmark 10-year rand bonds were little changed at 8.6 percent after falling for two days, before the Federal Reserve’s policy statement later on Wednesday.