During New York deals on Wednesday, the South African currency gained ground against the US dollar from European session's multi-day low of 9.2865. At 12:05 pm ET, the rand climbed to 9.0944 versus the greenback, compared to yesterday's New York session close of 9.1746.

The South African Chamber of Commerce and Industry, or SACCI, said today in a report that the business confidence dropped 5.6 points to 78.9 in March from 84.5 in February. This was the lowest level since March 2002.

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