Dec 12 (Reuters) - South Africa's rand, which is proving surprisingly resilient in the middle of marked decline in the value of most emerging currencies, may be the best of a bad bunch.

Investors and traders cannot sell everything and this seems to be favouring South Africa's rand.

The rand certainly isn't safe which is one of the main attributes of the fast rising dollar that is troubling less liquid emerging currencies, but it is supported by an interest rate higher than that in the United States.

It is also freely floating, which is quite rare for currencies of nations that do offer yields greater than that offered by the U.S. dollar, and that adds to its allure.

While South Africa's economy isn't a big draw, S&P adopted a positive outlook in November. Moody's affirmed its stable rating earlier this month as did Fitch in September.

Gold's surge to a record peak this year should help and potentially more Chinese demand for South African exports may result from huge fiscal and monetary policy stimulus.

In the past three months the rand has risen almost 7% versus the yen which is the best way to optimise a carry trade, almost 5% against the euro and 4%versus the Swiss franc. Further gains could follow next year.

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(Jeremy Boulton is a Reuters market analyst. The views expressed are his own)

((jeremy.boulton@thomsonreuters.com))