A five rand coin. Picture: REUTERS
A five rand coin. Picture: REUTERS

The rand was firmer on Monday morning as the it capitalised further on the gains made last week.

The local currency had it best week against the dollar so far this year, strengthening 3% against the greenback since last Monday.

The strength was due to the slightly dovish stance the US Federal Reserve took on further increases in 2017, even as it increased rates last Wednesday.

Nedbank Corporate and Investment Banking (CIB) analysts said rand appreciation had been remarkable and the local unit had managed to hold on to its gains.

The rand was flat against the euro as the common currency remained subdued ahead of French elections and the possibility of a first-round win by right-wing candidate Marine le Pen.

It is not a busy day on the economic data front, although members of the Bank of England (BoE) will be speaking later in the day.

Nedbank CIB analysts said true market activity was likely to resume only on Wednesday as Japan had a holiday on Monday and local markets would be closed on Tuesday for Human Rights Day.

At 9.03am the rand was at R12.6888 against the dollar from R12.7178.

The rand was at R13.6651 against the euro from R13.6591 and at R15.7365 against the pound from R15.7551.

The euro was at $1.0768 from $1.0740.

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