Rand recovers to best level in 4 months after ConCourt’s Nkandla ruling

The rand strengthened by more than 20c to the US dollar on Thursday afternoon after the Constitutional Court ruled against President Jacob Zuma on whether he must pay back some of the public’s money that was spent on controversial security upgrades at his Nkandla home.

The rand was trading at R14.69 to the dollar – the best level in more than four months - at 5.36pm from R14.93 at Wednesday’s close.

The Money Show’s Bruce Whitfield interviewed George Glynnos, Managing Director and Chief Economist at ETM Analytics.

Scroll down for quotes from the audio below.

This is a very strong surge. A number of stars are aligning. The Fed’s dovish statements as well as local factors are working together.

George Glynnos

The ruling today is seen as a massive positive!

George Glynnos

Rand strength – dare I say it – might go on a bit longer.

George Glynnos

With the Fed toning down its rate hike talk; the dollar could come under pressure for the remainder of the year.

George Glynnos

You could find some portfolio flows back into South Africa.

George Glynnos

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This article first appeared on 702 : Rand recovers to best level in 4 months after ConCourt’s Nkandla ruling


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