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MARKET WRAP: Rand trades at best level in three weeks

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The JSE gained a modest 0.24%, but is up more than 4.5% for the week

The rand firmed the most in more than a month on Friday, reaching the strongest level in three weeks as it continued to find support from the SA Reserve Bank’s aggressive interest rate hike.

The local currency, which has been trading around 23-month lows for the past few days, found support after the SARB raised its benchmark rate by 75 basis points to 5.5% in a move to curb accelerating inflation, which remained above the central bank’s target range of 3%-6%...

 

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