South African Rand ends 2015 35% weaker against Dollar

*South African Rand.

*South African Rand.

01 January 2016, Pretoria — South Africa’s rand firmed up on Thursday after falling sharply overnight as the dollar extended gains on the back of a slide in global oil prices.

As at yesterday, the rand had risen 0.1 per cent to 15.5400 per dollar, clawing back some ground after shedding more than one percent to 2-1/2 week lows in the previous session.

Government bonds were flat in early trade, with the benchmark 2026 issue at 9.685 percent.

The rand ended 2015 more than 35 per cent weaker against the dollar, with Africa’s most advanced economy battered by severe electricity shortages, drought and the shock removal of the finance minister in the past 12 months, Reuters reported.

Central bank data on Thursday showed private sector demand for credit quickened to 9.53 percent year-on-year in November, while M3 money supply slowed. On Wednesday data showed South Africa recording a small surplus, 1.77 billion rand, in November following a 21.6 billion rand deficit in the previous month.

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