Rand stronger

Mixed denomination rand currency banknotes are arranged for a photograph at a First National Bank (FNB) branch in Johannesburg, South Africa, on Friday, March 15, 2013. A recovery in mining and manufacturing is giving South Africa's rand and bonds a breather amid concern that growth is slowing while inflation accelerates. Photographer: Nadine Hutton/Bloomberg via Getty Images

JOHANNESBURG. — South Africa’s rand was stronger last Friday, reflecting optimism over signs of success in a Covid-19 treatment drug trial and early plans to reopen the US economy.

But the currency was on course for losses of roughly 4 percent versus the US dollar last week, hurt by a surprise rate cut and predictions that the global coronavirus pandemic will cause a deep economic contraction.

At 0645 GMT, the rand traded at 18,7400 versus the dollar, around 0,6 percent firmer than its previous close. The currency was supported by President Donald Trump’s plans to gradually reopen the US economy and reports based on partial data showing severe Covid-19 patients responded positively to a drug made by Gilead Sciences Inc, traders said. — Reuters Africa.