The rand reached its best level in just over three weeks on Monday morning, breaking through R17/$ as global markets rallied on positive news regarding a treatment for Covid-19.

The local currency strengthened to as much as R16.97/$ in intraday trade, its best level since July 31. At 10.50am, the rand had firmed 0.98% to R16.9776/$, 0.77% to R20.0755/€ and 0.72% to R22.2585/£. The euro had strengthened 0.26% to $1.1823.

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