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Wed Jun 29 14:41:50 CAT 2016

Rand firms to 2-1/2-month high after ECB cuts rates

REUTERS | 10 March, 2016 15:25

Image by: Gallo Images / Foto24 / Brendan Croft

The 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.

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