The rand reached its best level in more than two months on Wednesday, breaking through R17/$, as the reopening of economies globally sparked a rally in the markets. 

The local currency firmed to a best level of R16.96/$ in intra-day trade, its strongest since March 18, roughly a week before the coronavirus lockdown began and the Moody’s Investors Service downgrade of the country’s debt to junk.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now