JOHANNESBURG, Dec 24 (Reuters) – The South African rand edged up against the dollar on Wednesday, extending the week’s gains as investors continued to pile into precious metals.
At 0755 GMT, the rand was 0.1% stronger than Tuesday’s closing level at 16.6625 to the dollar .
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Johannesburg-listed stocks also rose, with the Top-40 Index (.JTOPI), opens new tab last up 0.8%.
“The rand appears to be ending 2025 on the front foot. With the dollar still on the defensive and commodity prices rising to help sustain South Africa’s trade balance in surplus territory, there is solid justification for the rand’s impressive performance,” ETM Analytics said in a note.
The rand is on course for gains of more than 12% against the dollar this year, bolstered by South Africa’s improved fiscal performance and success containing inflation as well as soaring prices of precious metals like gold and platinum, which are major exports.
Trade has been thinner than usual this week, with many investors away from their desks for end-of-year holidays.
Reporting by Alexander Winning
Editing by Bernadette Baum
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