Market News
South African rand gains as markets brace for US election, rate decision - REUTERS
JOHANNESBURG, Nov 4 (Reuters) - South Africa's rand gained in early trade on Monday against a weaker dollar, as investors geared up for the U.S. to elect its next president and the Federal Reserve's interest rate announcement this week.
At 0613 GMT, the rand traded at 17.5250 against the U.S. dollar , about 0.8% stronger than its previous close.
The dollar last traded about 0.2% weaker against a basket of currencies.
"The US presidential election on Nov. 5 is the main event this week, eclipsing even the Federal Reserve's interest-rate decision two days later," said Jee-A van der Linde, senior economist at Oxford Economics in a research note.
