admin
Johannesburg. – The rand rallied to its best level against the dollar in four days yesterday, helped by improved global risk appetite. The domestic currency has regained 40c against the dollar since touching historic lows of R14 to the greenback on Monday, easing local inflation fears and helping importer companies. Standard Bank trader Warrick Butler said the US stock market, whose main indices rallied more than 2 percent on Tuesday, took its lead from US Federal Reserve voting members, suggesting that an interest rate hike may not occur next week.
Commodity prices such as copper, to which the rand is linked, also bounced strongly. At 9.08am, the rand was at 13,5952 to the dollar from Tuesday’s close of 13,7184. The rand was at 15,1783 against the euro from 15,3717 previously and was at 20,9135 against the pound from a previous close of 21,1216. The euro was at $1,1164 from $1,1172. – BDLive.
Online Reporter