After reaching R18.18/$ on Monday, the rand strengthened to R17.81/$ by Tuesday afternoon – around its best levels in more than 15 weeks. Last week, the rand was still trading above R19/$.
The dollar is being sold off as investors bet that the Fed won't hike interest rates much further following much cooler-than-expected inflation data recently. The SA monetary policy committee is due to announce its latest interest rate decision on Thursday. Economists are divided about whether it will keep rates unchanged or announce a small 25 basis point hike.
Investec economist Annabel Bishop warns that the domestic currency is likely to remain at a high risk of volatility and beholden to the outcome of US data and financial market events.
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