MARKET WRAP: Rand firms to best level in more than a month on vaccine hopes
Focus now shifts to the monetary policy committee meeting with the Reserve Bank expected to announce another rate cut
The rand broke below R18 to the dollar for the first time in more than five weeks on Wednesday, firming alongside its emerging-market peers as optimism about a Covid-19 vaccine lifted risk sentiment.
The rand strengthened to a day’s best of R17.91/$, its strongest since April 9 as progress in the search for a coronavirus vaccine saw investors shift from safe havens. The local currency is still down by more than 21% so far this year.