The South African currency traded higher against the US dollar in European and New York trading on Tuesday. The rand climbed to a 4-day high of 9.4225 versus the greenback by about 9:05 am ET, compared to yesterday's New York session close of 9.6943. As of now, the pair is trading at 9.4843.
South Africa's trade deficit has reduced to ZAR 571 million in February from the ZAR 17.4 billion deficit posted in January, indicated a report released by Statistics South Africa on Tuesday.
On a monthly basis, the exports climbed 21.54 percent, while imports plunged 1.78 percent in February, the report added.
Also, the First National Bank and the Bureau for Economic Research said today that FNB/BER consumer confidence index increased to 1 from minus 4 in the fourth quarter.
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