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GDP numbers drive up rand

But local currency is still off from where it was at the start of the year.
The rand also strengthened against the pound and the euro. Image: Waldo Swiegers, Bloomberg

The rand strengthened against the dollar on the news of better than expected economic growth numbers.

The local currency went from R15.18 at 9:25 am to R15.01 by the time the JSE closed at about 5pm on Tuesday.

Intraday rand to US dollar movement

This strengthening followed Statistics SA saying the country’s GDP declined 6% year-on-year in the third quarter of 2020. This decline was smaller than the expected 7% year-on-year drop.

Read: Third quarter GDP increases by an annualised 66.1%

The rise against the dollar was also mirrored against the currencies of South Africa’s other leading trading partners. It was up 0.95% to R18.18 against the euro and 1.09% 20.06 against the pound.

The rise in the value of the rand against the dollar has seen it go from R15.48 on November 30.

Though the rand has showed renewed strength, it is still way off from where it started the year.

On January 2 it was trading at R14.09 to the dollar. It sank to R19.03 on April 24 at the height of the hard national Covid-19 lockdown.

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South Africans work harder for their money than the US or EU and now it is our time.

Anything can happen on the Rand, and it usually does!

I wonder where all the ”naysayers on the Rand are today I still remember all the ”Invest Offshore” recommendations – the Rand is going to collapse from the USD/ZAR 19.25 levels in March this year – by ”fund managers like Magnes H and others?
At the time I predicted a couple of times that the Rand will trade on big figure 14 by year-end – and it is!

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