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Cape Town - The rand managed to go below the R16 to the euro level on Monday.
The last time the rand had managed to reach below R16 - at R15.9173 - to the euro was on December 9 2015, the day former Finance Minister Nhlanhla Nene was fired.
The rand's performance to the dollar also conjures up pre-Nenegate memories.
The rand ended trade on the JSE on Monday at R15.94 (up 2.58%) to the euro, R18.75 (up 1.86%) to the pound and R14.44 (up 2.37%) to the dollar.
Fin24 reported that the rand has seen a 25% recovery against the British pound since January, after Britain voted to leave the European Union on June 24. When the Brexit vote's results were released, the rand plunged more than the day President Jacob Zuma fired Nene.
According to RMB analyst John Cairns the rand has certainly been doing well. Earlier on Monday he suggested that the R16 to the euro exchange rate would be the next pair that needs to break lower - something that has now happened.
The biggest question for Cairns has now become whether the rand can break its R14.10 to R16 range against the dollar - in his view ambitious at this stage.
READ: Rand sees ‘impressive’ recovery against pound amid Brexit
