South Africa’s Currency Climbs To 8 Week High Against Dollar
May 26, 2020
11:36 am
South Africa’s rand raced to its highest in more than eight weeks against the U.S. dollar on Tuesday, as optimism about a global recovery from the COVID-19 pandemic boosted riskier assets, with investors looking past Sino-U.S. trade tensions.
At 0605 GMT, the rand traded at 17.4700 per dollar, 0.91 percent firmer than its previous close.
The currency was at its strongest since March 27.
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“The optimistic recovery narrative is holding within markets, keeping the dollar subdued and seeing the rand remain on a stable footing following last week’s rally,” Bianca …
