Gordhan suggests that rand is too strong

By Andy Rice 8 October 2010

Finance minister Pravin Gordhan has added his voice to the rand-strength debate, saying on Thursday that the currency is too strong in relation to South Africa's economic fundamentals. The rand has strengthened more than 28% against the dollar since the beginning of 2009 and the exchange rate is currently less than R7 to the dollar. In September the International Monetary Fund said that the rand was overvalued by 5% to 15%. Gordhan's statement will gladden Cosatu, which has long called for the currency to be weakened. Read more: Fin24

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