Hopes of its striking miners returning to work Thursday has given the South Africa rand a boost. It's one of the better-performing emerging-market currencies on the day. The rand has been under pressure recently as investors turned skittish on fears of a national mine strike in the commodity-rich country. The USD is down 1% on the day at ZAR8.1785, but is expected to remain in the 8-8.5 range, say analysts at BBH. The recent weakness in the rand, however, has not been viewed as an opportunity to buy the rand as South Africa continues to battle a weakening economy, nearly 25% unemployment rate, and falling exports.
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