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Markets

South African rand firms against weaker dollar

  • This has seen the currency flit between negative and positive territories since the start of this week.
Published December 30, 2020

JOHANNESBURG: South Africa's rand strengthened marginally on Wednesday as market participants weighed a slew of local and global developments and their impact on the currency.

Investors see a negative impact on the rand from stricter lockdown measures imposed Monday night, but the currency has regularly been boosted by US stimulus news.

This has seen the currency flit between negative and positive territories since the start of this week.

At 0610 GMT, the rand was 0.44% stronger at 14.6500 against the dollar. It lost half a percent on Tuesday on concerns about a recovery in the local economy.

The US dollar has taken a pounding in the last few days, hitting a more than two-year low early Wednesday, and continuing its steady decline since President Donald Trump signed a coronavirus aid bill on Sunday.

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