Rand stays higher

South Africa's rand recorded a second day of gains on Tuesday toward its firmest level in over a week against the dollar, as a surprise policy move by yet another central bank in the developed market increased the appeal of local assets. By 1558 GMT the rand had firmed 0.75 percent to 11.4010, following a 1 percent gain in the previous session, breaking through the 11.4100 technical resistance level for the first time in eight days.
Australia's Reserve Bank (RBA) surprised markets when it trimmed its cash rate to an all-time low of 2.25 percent in a bid to stimulate its economy, driving its currency lower and lifting global appetite for high-yielding but riskier assets in Asian and emerging markets. The RBA's move follows a 200 basis-point rate cut by Russia last week and a mooted cut by Turkey as the global growth outlook continues to worsen.