Picture: REUTERS
Picture: REUTERS

South Africans have a love-hate relationship with the rand — it represents our hopes and fears as it rises and falls.

Born on February 14 1961, the rand has gone from global pariah to emerging-market proxy. The rand has emerged as an unlikely winner among emerging-market currencies since the Covid-19 pandemic swept the globe, despite SA’s high levels of debt and unemployment.

SA offers some of the highest real yields in emerging markets, with 10-year government bonds yielding just more than 9%, while inflation is at 3.2% year-on-year. But the rand can quickly turn around and bite you, which is why it is called “the rattler” in forex markets.

Michael Avery speaks to Brian Kantor, head of the research institute at Investec Wealth & Investment; Nolan Wapenaar, co-chief investment officer at Anchor Capital; and Varushka Singh, fixed income and currency strategist at RMB

Michael Avery and a panel of guests discuss the performance of the local unit during the pandemic

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