The South African rand was trading at its strongest level in a month early Friday, after a week of gains supported by a jump in gold prices.
As of 0640 GMT, the rand was trading at 18.68 rand against the US dollar. This was the highest level since early February.
“The rand has enjoyed a great week so far, capitalizing on the modest gains that started last week,” ETM Analytics said in a research note.
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“USD-ZAR has broken below some key technical supports and is generating momentum of its own, but it is unclear whether that momentum is fading.”
The rand has strengthened as the price of gold, one of South Africa's main exports, hovers near historic highs.
However, local economic indicators released this week were mostly negative, with the current account deficit widening more than expected and net foreign exchange reserves decreasing in February.
South Africa's Public Enterprises Minister Pravin Gordhan told Reuters on Friday that he will retire after general elections in May this year.
The poor performance of state-owned enterprises such as power company Eskom and logistics company Transnet is a major factor holding back South Africa's economic growth.
South Africa's benchmark 2030 government bond edged up in early trading, with its yield down 1 basis point to 10.055%.