The rand continued to trade at its slightly stronger level against a basket of major currencies in mid-morning JSE trade, after having weakened to its weakest level in eight months to above R15 to the dollar just a week ago.
Thursday’s strength, at R14, 82 to the dollar, is mainly on the back of dollar weakness, with a weaker dollar strengthening emerging market currencies as well as major currencies such as the euro and the yen.
The rand’s strength can also be seen in the context of an investigation into a donation for President Cyril Ramaphosa’s 2017 campaign for leader of the African National Congress (ANC).
This is causing political uncertainty, which should weaken the rand going forward, despite a weaker dollar at $1, 13 against the euro.
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