Rand perks up on a weak dollar and easing geopolitical tension
The rand fared a lot better on Tuesday morning, taking advantage of the easing geopolitical tension.
The local currency managed to briefly break through the psychological R12/$ level, courtesy of a weaker dollar, which has battled to find traction since the start of the year.
Standing in sharp contrast was the British pound, however, which rose to its best level since the Brexit vote, lifted by the expectation of higher interest rates.
Still, markets in general lacked conviction as they continued to trade in broad ranges.
The rand has oscillated around the R12/$ level for days, signalling consolidation following a strong run in the past two quarters, which were largely attributed to optimism about the revival of the economy.
President Cyril Ramaphosa is looking to raise $100bn in investment for SA by revitalising the relationship between business and government.
Former finance minister Trevor Manuel, former deputy finance minister Mcebisi Jonas and business representatives Jacko Maree and Phumzile Lungile will lead a special investment envoy to convince investors of SA's potential. The envoy will report to Trudi Makhaya, who has been appointed Ramaphosa's economic adviser.
At 10.05am, the rand was at R12.0049 to the dollar from R12.0507, R14.8826 to the euro from R14.9181 and at R17.2418 to the pound from R17.2790.
The euro was at $1.2396, from $1.2379.
With Sunita Menon