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Rand hits R13.85 to the dollar

The last time it was this strong was February 2019.
The local currency has also made gains against the euro and the pound. Image: Mike Hutchings, Reuters

The rand’s continued strength against the dollar saw it reach R13.84 to the greenback in late afternoon trade on Tuesday afternoon.

This is the strongest it has been since February 25, 2019, and comes after it hit a high of R20 to the dollar on April 24, 2020.

Rand on the rise

The rand’s rise follows the South African Reserve Bank (Sarb) maintaining the repo rate at 3.5% but having a “hawkish tone” noted Nedbank in its weekly economic monitor.

In recent times the rand has not only strengthened against the dollar, said Nedbank; over the week to end May 21, it rose 0.9% against the euro and 0.8% against the pound.

The bank pointed out that this has been a trend for a while.

“Over the past four weeks and on a year-to-date basis, the rand has reaped reasonable gains against all the above currencies.”

 

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Loving this strong rand. Great opportunity to move more funds offshore.

Nice. Looking forward to a sub ten cents petrol price drop.

Great stuff! Now we are beginning to see the true value of the Rand after years of manipulation on the fx markets by the big institutions.

What is the “true value of the Rand”, pray tell.

The combination of high commodity prices, inflation fears in the developed economies and continued fiscal stimulus talks in the US have all lead to the strengthening of the Rand. Do not mistake the strengthening with an improved economic or fiscal outlook for SA. The same challenges remain in the medium to long term.

I am a couple months away from moving to Australia, so this is a good time for the Rand to be strong in order to maximise the amount of AUD I will have.

End of comments.

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