Business and Technology

Rand at 16 month high against the dollar

South Africa’s rand rose to a 16-month peak against the dollar on Monday after Moody’s left its sovereign ratings unchanged, while an improving local political environment and the global market risk-on sentiment provided further support.

At 1603 GMT, the rand rose by 0.36% to 14.0000 against the dollar, its highest level since early January 2020, from its previous close on Friday of 14.0500. With Moody’s leaving South Africa’s rating and outlook unchanged as expected, the rand received a further boost,” Annabel Bishop, chief economist at Investec, said in a note.

“The perceived improved political environment is also aiding the domestic currency as the clean up in government and the ruling party continues. South Africa’s second wave was driven by its own variant that quickly dominated infections countrywide and closed certain parts of the economy, affecting tourism and retail-facing stocks.

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Source: eNCA

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