Rand set for best week since July

07 Oct 2011
The rand steadied against the dollar on Friday and was on course to post its best week since early July as it recovered from a sell-off in the past few weeks. The rand broke through the psychologically important level of 8 to the dollar in the previous session, after Europe’s measures to keep banks afloat encouraged a return to riskier assets. September was the rand's worst month since the start of the financial crisis in late 2008, with the currency hitting a 28-month low at R8.4950. Some analysts have said the sell-off was overdone and the currency was due for a correction.

http://www.fin24.com/Markets/Currencies/Rand-set-for-best-week-since-July-20111007