Rand breaks through R13 to US dollar

The rand has strengthened to below R13/USD for the first time since President Jacob Zuma fired former finance minister Pravin Gordhan.

The rand strengthened to R12.95 shortly after global trading opened last night, and maintained its strength this morning.

According to RMB global markets analyst John Cairns, the currency strength is because “global short-term pressures on the rand have eased”.

The strength in commodity prices and a better outlook for agriculture in South Africa are also contributing factors.

The dollar has also weakened, due to uncertainty as to whether US President Donald Trump can deliver on his promises to grow the economy.

The chart below shows the USD to ZAR trading data over the last 24 hours.

ZAR-USD

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Rand breaks through R13 to US dollar