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10:21, August 18, 2007 |
South African rand recovered sharply on Friday as global markets - besieged by turmoil for the past few days after credit concerns resurfaced - rebounded after news that the U.S. Federal Reserve had reduced its discount rate by 50 basis points "to promote the restoration of orderly conditions in financial markets".
The rand will also benefit from a recovery in commodity currencies.
By 3:45 p.m. local time (1345 GMT) the rand was bid at 7.3550 per dollar from its overnight close of 7.4200. It was bid at 9. 9362 to the euro from a previous 10.0119 and at 14.6574 against sterling from 14.7669 before.
Friday's session proved to be an extremely volatile one for the rand, which vacillated between 7.29 and 7.60 to the dollar - a range of more than 30 cents.
Source: Xinhua
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