The rand has hit a five week high against the dollar after the National Prosecuting Authority announced that fraud charges against Finance Minister, Pravin Gordhan, have been dropped. It had gained more than two per cent by the close of business today. The rally started this morning when speculation was already high that charges would be dropped - and the rand extended its gains following the official announcement. Data on South Africa's trade with the rest of the world is also spurring on the currency. South Africa often reports a trade deficit meaning that our imports outstrip exports to the rest of the world, which is a worry for officials who want exports to help growth.
But in September South Africa produced a trade surplus of nearly R7 billion - much better than expected.

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