Foreign exchange reserves in South Africa expanded to $62.269 billion in July from $62.100 billion in June, data by the South African Reserve Bank showed.
It has been the highest level of foreign exchange reserves since March.
The nation’s gold reserves increased to $9.756 billion in July from $9.413 billion in June.
Special Drawing Rights rose to $6.290 billion in July from $6.228 billion in the prior month.
Meanwhile, foreign currency reserves shrank to $46.223 billion in July from $46.459 billion in June.
The South African Rand was 0.68% stronger on the day against the US Dollar, with the USD/ZAR currency pair last trading at 18.3119.
The Rand advanced “as risk sentiment improves and emerging market currencies all show some gains,” Andre Cilliers, currency strategist at TreasuryONE, was quoted as saying by Reuters.
“Tomorrow’s U.S. jobless claims number will now be sharply in focus for confirmation of the weakening U.S. labor market,” Cilliers pointed out.
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