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CHART: Rand last looked this good a decade ago

Feb 01 2018 08:53
Colleen Goko, Bloomberg News

Johannesburg - It’s been a good few months for emerging-market currencies, and none more so the rand.

South Africa’s currency has had its best three-month run in almost 10 years as it rides a wave of optimism following Deputy President Cyril Ramaphosa’s election as the leader of the ruling African National Congress.

The 19% gain in the period ended January 31 is more than double that of the next-best emerging-market currency, Poland’s zloty.

By 08:45 on Thursday, the local unit was trading 0.31% firmer at R11.88 to the dollar from its previous close, its strongest level since May 2015.

Meanwhile, the ANC wants a speedy transition of power following the election of a new leadership and will discuss the matter with President Jacob Zuma this week, according to a top party official.

“The rand will continue to remain sensitive to the headlines surrounding political news,” Zaakirah Ismail, a fixed income analyst at Standard Bank Group, said by phone. “It certainly looks like there is pressure building for a plan for President Zuma’s removal.”

rand  |  markets  |  currencies


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