– The South African rand has hit a two-year high against the US dollar since 9am on Thursday, June 3, according to several reports
– The rand traded at R13.54 per dollar, creating the highest position it has held against the US currency since February 2019
– Reports also revealed that the AS economy experienced a major downturn due to the Covid-19 pandemic and load reduction, which turned the strength of the rand into a feat.
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On Wednesday, the South African rand reached its most lucrative value against the US dollar. The rand maintained a strong spotlight fueled by a sustained rebound in global economies and positive U.S. Treasury data.
The rand was trading at R13.54 at 9.00 on Thursday, June 3, marking the highest position against the dollar since February 2019.
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With the local South African economy suffering due to load reduction and the negative impacts of Covid-19, the upward rise in rand has been fueled mainly by recent global factors, mainly derived from global factors, i.e. , higher prices of raw materials.
The South African rand has reached a two-year high, staying strong against other currencies. Image: Waldo Swiegers / Bloomberg
Source: Getty Images
Following reports from BusinessTech, accelerating global growth will induce positive effects for South Africa, according to Annabel Bishop, chief economist at Investec.
The rand is growing
According to Reuters, the rand was trading at the rates mentioned below the primary currencies at 9 a.m. on Thursday, June 3:
Dollar / red: R13.54 (+ 0.21%)
Pound / Rand: R19.17 (+ 0.11%)
Euro / Rand: R16.51 (+ 0.05%)
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Rand started his peak in May
Previously, Short news reported that the rand changed to R14.05 to the US dollar in May. According to SABC News, the rand strengthened due to higher yields on South African government bonds.
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What changed the rand in May
At the time of writing, the rand was at R19.74 compared to the UK pound sterling; it was ranked at R17.70 against the euro and at R11.30 against the Australian dollar. The strength of the rand was mainly attributed to a weaker dollar after the US employment report in April was lower than expected and the unemployment rate rose to 6.1%.
The public broadcaster also stated that US interest rates are unlikely to rise soon, keeping the dollar weaker and thus strengthening the rand.
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