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IMF warns SA over rand depreciation |
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IMF chief Dominique Strauss-Kahn said forcing South Africa’s currency, the rand to weaken would be a very shortsighted move for the country to make.
His comments come amid a heated debate on the rand's strength. There have been mounting calls from trade unions and some business leaders to weaken the unit, after gains last year were seen as a threat to the competitiveness of local exports, jobs and growth.
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Strauss-Kahn said any policy measures aimed at weakening the rand would scare off foreign investors and the capital needed to fund the deficit on SA's current account, its broadest measure of trade in goods and services.
The currency appreciated by 28% against the dollar last year, making it the best performer after the Brazilian real. It was trading at about R7,40/ late yesterday, unchanged from the start of the year, but has firmed 2% against a trade- weighted basket of currencies.
Strauss-Kahn is on an African tour that started in Kenya and will take him to Zambia from SA.
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| FOREX Reports |
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Dollar edges up against majors |
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The greenback was higher versus most major counterparts except the yen Friday as investors' appetite for risk remained subdued ahead of the first official estimate of second-quarter U.S. economic growth.
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Euro slightly up against majors |
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The European single currency unit, the euro recovered slightly against other major currencies ahead of the euro-zone unemployment rate for June, Italian and the euro-zone CPI data for July.
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China warns against illegal forex activities |
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China’s State Administration of Foreign Exchange (SAFE) said it will increase punishments for illegal foreign exchange activities. |
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Prevalent bearish sentiments in the global market due to higher US inventories weighed pressure over domestic crude oil futures Friday. MCX crude oil futures traded down today. |
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Mentha oil futures traded higher on the MCX counter due to the short covering at the lower levels ahead of contract expiry Friday. |
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Slight firm trend was noted for chana in the markets as moderate demand and arrivals were noted. Expectations of higher Festive demand are supporting the prices while slight higher arrivals prevented the prices from rising too much. |
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