Rand at best level in 9 months
The rand is trading at its strongest level against the US dollar in nine months.
On Thursday morning, the South African currency traded at R15.11 to the dollar.
By 2:02 pm, it weakened somewhat to R15.20
The last time the rand was this strong was on 26 February when it ended the day at R15.27 to the dollar.
The rand reached a low of R19.26 to the dollar in April.
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Other emerging market currencies have also strengthened on the back of good news about Covid-19 vaccines.
Also supportive of the rand is South Africa’s rapidly improving current account (the difference between imports and exports) owning to, in part, plunging oil imports and record farming output.
For more detail, read “The rand just hit its best level in nine months. Here’s why” – Business Insider South Africa
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