The rand confounded the sceptics again on Friday by holding strong at levels below R12.50 to the dollar despite warnings from analysts that its current strength is not sustainable.The rand has gained 9% against the greenback in 2017. It firmed 11.19% in 2016, recovering from a record low of R17.7893/$. On Friday, the rand reached R12.4360, the best level in 20 months, as the dollar continued to lose ground against the euro and the yen.The dollar traded at the weakest level in a month on Friday in late trade, crossing the $1.0805 level against the euro amid indications that US President Donald Trump’s crucial healthcare bill in Congress would not be passed.Some analysts are more positive about the domestic currency’s prospects. Momentum SP Reid analysts said the breaching of the R12.52 level increased the likelihood of further technical improvement for the local currency. "Despite being much overbought, there was no evidence of a reversal in the 21-day rate of change data as yet," Mo...
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