Rand hits 10-month high
South Africa's currency, the rand, has hit its strongest exchange rate since early September against the US dollar today. Increased risk appetite and stock futures pointing positive are the two leading indicators for the rand's recent success. The South African blue chip Top-40 September futures contract was up 0.54% prior to the market opening, and led the rand to touch at USD7.7655.
Despite the gains the rand has made on the dollar, central bank governor Tito Mboweni is not too thrilled. He suggests that the gains may be unwelcome for the general economy. The newfound currency strength is bad news for exports, which took a deep dive in the first quarter. The dive contributed to a widening of the current account deficit to 7% of the GDP.
The positive gains the rand made have the exchange rate currently at GBP12.9216 and USD7.7688.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.