CHART: Rand last looked this good a decade ago

Johannesburg - It’s been a good few months for emerging-market currencies, and none more so the rand.

South Africa’s currency has had its best three-month run in almost 10 years as it rides a wave of optimism following Deputy President Cyril Ramaphosa’s election as the leader of the ruling African National Congress.

The 19% gain in the period ended January 31 is more than double that of the next-best emerging-market currency, Poland’s zloty.

By 08:45 on Thursday, the local unit was trading 0.31% firmer at R11.88 to the dollar from its previous close, its strongest level since May 2015.

Meanwhile, the ANC wants a speedy transition of power following the election of a new leadership and will discuss the matter with President Jacob Zuma this week, according to a top party official.

“The rand will continue to remain sensitive to the headlines surrounding political news,” Zaakirah Ismail, a fixed income analyst at Standard Bank Group, said by phone. “It certainly looks like there is pressure building for a plan for President Zuma’s removal.”


ZAR/USD
16.80
(-0.13)
ZAR/GBP
21.04
(+0.34)
ZAR/EUR
19.09
(-0.05)
ZAR/AUD
11.67
(-0.03)
ZAR/JPY
0.16
(+0.12)
Gold
1799.48
(-0.14)
Silver
19.01
(-0.38)
Platinum
828.51
(+0.33)
Brent Crude
42.17
(-1.20)
Palladium
1969.76
(+0.88)
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55406.61
(-1.41)
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51113.02
(-1.47)
Financial 15
10604.92
(-0.92)
Industrial 25
75451.05
(-1.90)
Resource 10
52772.58
(-1.04)
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