Rand strengthens to two-month high
THE RAND gained more than 2 percent yesterday to hit its strongest level in two months as the dollar plunged on concerns over US President-elect Donald Trump’s economic strategy.
At 5pm, the rand was bid at R13.4628 to the dollar, 40.48c stronger than at the same time on Wednesday.
“It was largely global factors affecting the currency,” ETM Analytics analyst, Jana van Deventer, said.
“He (Trump) failed to offer clarity on the fiscal and economic direction his administration will take.”
Bonds strengthened along with the rand. The yield for the benchmark government bond due in 2026 dropped to its level since November 8.
Meanwhile, the Turkish lira rebounded as dollar weakness helped it move off record lows.