Markets

Weaker Dollar helps Rand rise

The rand held steady against the dollar this morning, after racing to its best level in more than a year, while the JSE could battle at the opening bell with most of the key Asian markets in the red.

The relatively stronger rand, which came as a result of a weaker dollar, would likely act as a cushion against what appears to be building inflationary pressures, thus helping the Reserve Bank keep interest rates at record low as the economy continues to struggle.

The rand, a highly tradable currency in the emerging markets, rallied to a high of R14.36/$ in the US session, its best level since January 2020, according to Bloomberg data. In morning trade, the rand was flat at 14.40/$.

 

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