South African Rand Keeps Gaining Even as Most EM Flat

South African rand continues its gains, even as most other emerging-market currencies are flat on the day. John Wood, Standard Chartered's director of African currencies in New York says that correlations with commodities and the euro have helped lift the rand in recent trading, and it still continues to see inflows on the back of South Africa's upcoming inclusion in Citigroup's World Government Bond Index. He says there's "decent interest" to sell the dollar against the rand around ZAR8.35 and ZAR8.36, and that markets could be looking for ZAR8.15 on the downside and ZAR8.40 on the topside. The rand recently hit a fresh session high, with the dollar trading at ZAR8.21.

South African Rand Keeps Gaining Even as Most EM Flat

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