The rand had its best day on Friday since President Cyril Ramaphosa won the race to lead the governing party at the ANC’s 54th national conference in 2017, as the US Federal Reserve’s dovish tone put pressure on the dollar.

At 5.36pm, the rand had firmed 2.8% to R16.5693/$, recording its biggest gain since December 18 2017. It had strengthened 2.02% to R19.7245/€ and 1.63% to R22.1240/£. The euro added 0.71% to $1.1903. The local currency is still down 15.3% to the dollar so far this year. 

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 Sunday Times Daily.

Already subscribed? Simply sign in below.

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