South African rand strengthens against U.S. dollar, stocks rise

South Africa’s rand advanced early on Monday, as the U.S. dollar nudged down from multi-year highs.

At 0731 GMT, the rand traded at 17.0050 against the dollar, 0.34 percent stronger than its previous close.

The U.S. dollar index, which measures the buck against six major peers, dropped 0.39 percent to 107.45.

Economists at ETM Analytics said in a note that the rand’s value against the dollar would continue to consolidate around the 17.0000 level until a new catalyst arises.

Elsewhere, the four major Asian stock indices, the Shanghai, Hang Seng, Nikkei and S & P ASX  as well as several leading European stock markets are all in positive territory as of 4:00 pm East Africa Time.