[CURRENCY] South Africa’s rand is back below R19 to the US dollar, buoyed by better sentiment locally. Moneyweb Currency NtandoThukwana
South Africa’s rand is back below R19 to the US dollar, buoyed by better sentiment locally. On Thursday morning, it firmed to R18.94 to the greenback at one point. The currency on Wednesday traded below the R19 level for the first time in more than three weeks, in part helped by a slight reprieve in load shedding.
Read: Sarb’s 50bp hike sends rand to record low McCurrie said the rand, which nearly touched R20 against the dollar last week when it reached R19.92, was simply too weak, arguing that it was the most oversold it’s been in 30 years. He added that the rand could strengthen back to the R18 level as quickly as it weakened. Over the past month, the rand hit multiple fresh lows, weakening over 4% in a month.
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