By Reuters Staff
2 Min Read A street money changer counts South African Rands in Harare, Zimbabwe, file. REUTERS/Philimon Bulawayo/File Photo
JOHANNESBURG (Reuters) - South Africa’s rand firmed early on Monday, hurdling the key technical level of 14.50 on its way to a one-year best as signs of a local economic rebound and continued stimulus in the United States lifted demand for the currency.
At 0700 GMT, the rand was 0.5% firmer at 14.4775 per dollar, a touch off the session best of 14.4625 which is its strongest since January 2020.
Crucially, it was the first time since early January the unit broke below the 14.50 technical resistance mark seen as a buy-target by traders.