The South African rand advanced today after Spain auctioned its three- and
Spain sold â¬5.64 billion of bills, exceeding its maximum target, while the borrowing costs went down. The Ifo Business Climate index increased from 106.6 in November to 107.2 in December. It was expected to drop to 106.2. Traders remained cautious as Europe isn’t out of trouble yet, but the signs tell about a positive development.
USD/ZAR fell from 8.3986 to 8.2760 as of 13:28 GMT today.
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