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Rampant rand hits 10-month high against the dollar
Rampant rand hits 10-month high against the dollar

Rampant rand hits 10-month high against the dollar

ECONOMIC NEWS

bdlive.co.za - Aug 10th 2016, 11:36

THE rand remained at its multi-month highs against the dollar on Wednesday morning after gaining a further 30c against the greenback in the past two days. 

The local currency strengthened to R13.35 to the dollar, the best level since October, as it continued on the rally that took hold in June.

"For the importers, they are jubilant with the current R13.40 to the dollar level and should be looking for long-term cover at this stage," TreasuryOne dealer John Moni said.

Stoking the latest rally in the rand was a weaker dollar and the pick-up in commodity prices that lifted platinum to about $1,187.5/oz — its best level since March 2015.

The stronger currency eases inflation, taking the pressure off the Reserve Bank, which has hiked interest rates by a cumulative 75 basis points in 2016.

Analysts have partly attributed the resilience in the local currency to positive sentiment that flowed from the peaceful local government elections last week.

At 9.01am‚ the rand was at R13.4283 the dollar from R13.4142 at the previous close.

It was at R14.9623 against the euro from R14.9136 previously‚ and at R17.4984 against the pound from R17.4451 previously.

The euro was at $1.1143, from $1.1118 at the previous closeFrom DFM Publishers (Pty) Ltd 

Read more about: rand | markets | economy | dollar | currencies

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