The South African rand that touched a 12-day low of 9.8225 against the US dollar at 1:20 am ET Monday strengthened thereafter. The rand is currently trading at 9.7142 versus the dollar, compared to 9.59 hit late New York Friday. If the South African currency gains further, 9.222 is seen as the next target level.
South Africa's central bank said today in a report that the M3 money supply increased 13.17% year-over-year in February, slower than a revised 13.92% rise in January. Economists had expected an increase of 11.9%. In December, the money supply was up 14.79%.
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