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Rand firms by 1% on emerging markets rally

Propelled by a strengthening European currency.

South Africa’s rand firmed by more than one percent to a session high of 12.1720 against the dollar on Friday, propelled by a strengthening European currency that boosted some emerging market currencies.

“The euro is at recent highs. This move is purely some profit taking on the euro causing the dollar to slump,” said Jim Bryson, a currency trader at Rand Merchant Bank.

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