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South African rand gains momentum

The South African rand gained momentum on Monday, supported by higher precious metals prices. At midday, the rand traded at around 14.6125 against the dollar, around 0.2% stronger than its previous close.

Key South African exports like platinum group metals , touched new highs because of supply concerns after newly refined Russian platinum and palladium were suspended from trading in London from Friday. Spot gold also gained.  But domestic statistics agency data showed February manufacturing output rose 0.2% year on year, less than the forecast 3.1% and revised growth of 2.0% in January.


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