Rand in favour as central banks turn dovish
Local currency is the biggest gainer among 24 emerging-market currencies
Global central banks have come to the rescue of the rand, helping SA’s currency recover from losses caused by ANC secretary-general Ace Magashule’s utterances (https://www.businesslive.co.za/bd/national/2019-06-04-anc-bombs-on-reserve-bank-add-to-rand-woes/) on the Reserve Bank’s mandate two weeks ago.
The rand, often a proxy for sentiment on riskier markets, was on Tuesday the biggest gainer among 24 emerging-market currencies tracked by Bloomberg. Gains by local bonds pushed 10-year yields, which move inversely to the price, to the lowest level in more than a year.