Rand continues recovery against the dollar after abysmal Covid-19 drop

The rand strengthened against the dollar on Tuesday, hitting its strongest mark against the US currency in eight weeks.

According to X-rates, at 9.17 GMT (UTC) the rand was trading at around R17.42 to the US dollar.

According to the site’s dollar-to-rand graph, at the close of business on 26 March, the rand was trading at around R17.30 to the dollar, while on 26 April it was at an abysmal R19.03.

The graph indicated that, from 28 March, the rand declined steadily against the dollar, trading at R18.26 by 2 April and reaching R19.26 by 6 April.

Financial services provider Peregrine Treasury tweeted on Tuesday: “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.”

The rand weakened to historical lows during the Covid-19 pandemic.

(Compiled by Makhosandile Zulu)

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