Briefly breaching R18 to the dollar on Monday.
South Africa’s rand extended a post-election rally after President Cyril Ramaphosa announced a new cabinet that he said would prioritise rapid and sustainable growth. The currency led gains among emerging-market peers on Monday, advancing 1.1% to R17.98 per dollar as of 9 a.m. in Johannesburg. The yield on benchmark bonds fell 14 basis points to 11.24%, heading toward April 2023 lows.
Read: Meet South Africa’s GNU cabinet Momentum indicators suggest further rand appreciation is likely this week, the analysts added, predicting the rand would move toward R17.90 per dollar. Ramaphosa also included members of the Democratic Alliance — considered business-friendly by investors — in his cabinet, with leader John Steenhuisen named agriculture minister. The coalition government was formed after the African National Congress lost its parliamentary majority.
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