Rand hits two-and-a-half year high to the dollar as net tightens around Guptas
The rand was firmer against major global currencies on Tuesday morning, bolstered by positive sentiment that local authorities would begin cracking down on rent-seeking within the government. The rand hit an intraday best of R12.19, a level last seen in July 2015, despite a weaker euro. Analysts have cited general positive sentiment regarding local developments and recent dollar weakness for the local currency’s strength. News on Monday that the National Prosecuting Authority (NPA) was targeting the Gupta family with arrest warrants had provided the local currency with some support overnight. On Tuesday, the High Court in Pretoria authorised the freezing of R1.6bn in assets earned by global consultancy McKinsey and partner Trillian, which is linked to the controversial Gupta family, Reuters reported. Herenya Capital Advisors trader Petri Redelinghuys said the rand had underperformed many of its emerging-market peers recently due to negative political headlines and corruption. The po...
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