Rand reaches strongest levels since 2023
On Friday, the rand was trading at levels last seen in mid-November 2023, amid dollar weakness and stronger commodity prices.It gained almost 1.5% against the dollar over the past week, and is up more than 4% since mid-April. Less than a month ago, a dollar was worth almost R19.32.
The dollar index - which tracks the US currency against six peers - was up 0.2% on Friday at 104.73, but was still on track for around a half-percentage-point weekly decline. But while investors continue to price in interest rate cuts from the Fed later this year, Casparus Treurnicht, a portfolio manager at Gryphon Asset Management, says questions remained.
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