South Africa’s rand firms to 2-1/2-month high after ECB cuts rates

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JOHANNESBURG (Reuters) – South Africa’s rand rallied to its firmest since December in afternoon trade on Thursday after the European Central bank cut interest rates and stepped up its stimulus program.

By 1305 GMT the rand had firmed 1.12 percent to 15.0300 per dollar, its strongest level since Dec. 21.

“This means there is more cheap money going around and the risky assets are loving it,” said chief currency at Bidvest Bank Ion de Vleeschauwer.

 

(Reporting by Mfuneko Toyana; Editing by Tiisetso Motsoeneng)

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