Johannesburg - The rand raced to its firmest in more than 15 months against the dollar on Tuesday, helped by improved risk appetite and jobs data suggesting the economy was improving.
At 5pm, the rand was bid at R13.1765 to the dollar, 14.14c stronger than at the same time on Monday, reaching its strongest since October23, 2015.
“It’s really a technical move and a continuation of recent momentum. There’s been pressure for a while on the dollar/rand to break lower and now it’s happened,” said Jim Bryson, currency trader at Rand Merchant Bank.
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The rand kicked off local trade on the front foot as the dollar came under pressure after the resignation of US National Security adviser, Michael Flynn. It made further gains as SA’s jobless rate fell from its highest in 13years.