Rand Posts Second Weekly Gain as Investors Hunt for Higher-Yielding Assets

(Bloomberg) -- South Africa's rand advanced for a
second week against the dollar as investors continued to seek
higher-yielding assets in emerging markets.

The rand rallied as the prospect of rising interest rates in
South Africa encouraged investors to use the so-called carry
trade, funding purchases of higher-yielding assets by borrowing
in low-yield currencies such as Japan's yen. The New Zealand
dollar, another high-yielding currency, touched a 22-year high
versus the U.S. currency yesterday.


Read more at Bloomberg Currencies News