The rand is back! South African currency hits 18-month high against the dollar

The rand has retained its gains against the dollar on Wednesday, despite the US currency firming on the Fed’s Janet Yellen hinting of a possible interest rate hike in March.

Analysts say good inflation and unemployment figures have boosted the rand.

At 5:33pm the rand was trading at R13.02 to the dollar.

The Money Show’s Bruce Whitfield interviewed FNB Economist Mamello Matikinca.

Listen to the interview in the audio below (and/or scroll down for quotes from it).

The fundamentals, locally, are improving.

Mamello Matikinca, FNB

Even at 6.6%, inflation is still relatively high.

Mamello Matikinca, FNB

The improvement in the rand bodes well for fuel prices.

Mamello Matikinca, FNB

The Reserve Bank has definitely reached the peak of the interest rate cycle.

Mamello Matikinca, FNB

We don’t see inflation below 5% in 2017, so we forecast rates to remain flat.

Mamello Matikinca, FNB

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Article brought to us by Old Mutual.

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