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Rand at its strongest in months, but 2021 could be another rollercoaster

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The rand broke below the R14.70/$ mark on Thursday afternoon. (Getty Images).
The rand broke below the R14.70/$ mark on Thursday afternoon. (Getty Images).
Getty Images

The rand on Thursday broke below the R14.70/$ mark, and an analyst thinks there is scope for it to strengthen even further to R14.50/$.

Along with other emerging market currencies, the rand this week rallied on a surge in risk appetite and a weakening dollar. Reports that a Brexit deal may be struck as well as news that a US stimulus deal may be settled before Christmas, in conjunction with the US Federal Reserve Bank's announcement that interest rates will remain zero and it would continue its bond buying programme, were among the factors that helped to swing market sentiment toward emerging market currencies.

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ZAR/USD
15.08
(-0.28)
ZAR/GBP
20.71
(-0.22)
ZAR/EUR
18.32
(-0.14)
ZAR/AUD
11.66
(-0.06)
ZAR/JPY
0.15
(-0.16)
Gold
1845.34
(-0.29)
Silver
25.31
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61334.63
(-0.94)
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