The rand continued its rally on Monday, outperforming other currencies a few days before the South African Reserve Bank (Sarb) announces its latest interest rate decision, with analysts expecting the repo rate to remain at 7%. Trading 0,8% stronger
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The quick succession of news that South Africa’s economy shrank by 1,2% in the first quarter of 2016 followed by news that ratings agency Fitch had spared the country from junk status sent the rand on a quick roller-coaster ride
A recovery in commodity currencies and stability in the oil price boosted the rand to its highest level in four months on Tuesday. By 9am on Tuesday, the rand was trading at R14,38/US$
The rand has broken the R15/US$ ceiling on Wednesday after US Fed chair Janet Yellen surprised on Tuesday night with dovish comments, depreciating the dollar against most currencies. “A need for caution is all it took from Janet Yellen in a speech
The rand weakened slightly to R15,92/US$ at 9.55am ahead of President Jacob Zuma’s state of the nation speech on Thursday, which will be watched closely by local investors hoping for a sign