Rand strengthens to below R14/$ for first time since April | Fin24
 
  • Covid-19 Money Hub

    The hub will help answer your business and money questions during the coronavirus crisis.

  • Dudu Myeni

    The former SAA chair has been declared a delinquent director for her role at the national airline.

  • Cigarette Ban

    Govt says emerging research shows smoking leads to more severe cases of Covid-19.

Loading...

Rand strengthens to below R14/$ for first time since April

Jul 04 2019 10:19
Jan Cronje

The rand strengthened to below R14/$ on Thursday morning, its best level against the greenback since late April. 

The local currency opened the day's trade at R14.05/$ and was trading at R13.95/$ at 10:05, up 0.7% on the day. .

Andre Botha, a senior dealer at TreasuryONE, said in a morning note to clients that the rand's strength could be linked to talk about rates in the US and the EU. 

"One reason for the rand and emerging market performance this morning could be the growing speculation that the Fed and European Central Bank will cut rates sooner rather than later. This could see yield-seeking behaviour being in the order of the day."

Botha said that due to the US celebrating the 4th of July public holiday, major currency moves were unlikely. 

On Wednesday US President Donald Trump had tweeted that Europe and China were playing a “big currency manipulation game”.  Botha noted the rand seemed to be defying the rhetoric for now, which would "normally equate to some uncertainty in the markets". 

rand  |  markets  |  currencies
NEXT ON FIN24X

 
 
 
 

Company Snapshot

Voting Booth

How has Covid-19 impacted your financial position?

Previous results · Suggest a vote

Loading...