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Rand gains ground against US dollar

The local currency traded below 15 to the dollar - a level last seen three months ago in December.

South African rand. Picture: Christa Eybers/EWN
Rand,SA rand vs US dollar,SA rand
Business Local

JOHANNESBURG - The rand has today briefly broken through the 15 to the dollar mark for the first time since December last year.

Earlier, the local currency made some gains against the dollar, touching the 14.92 mark.

This was after US Federal Reserve chair Janet Yellen’s comments about the future path of US interest rates.

The local currency traded below 15 to the dollar, a level last seen three months ago before the sudden removal of finance minister Nhlanhla Nene.

Comments overnight by Yellen, that the Central Bank will take a more cautious approach when hiking rates in the face of slowing global growth and lower oil prices, strengthened the rand against the dollar.

The rand remains vulnerable to political uncertainty around Finance Minister Pravin Gordhan who is due to respond to the Hawks today about their controversial investigation into a unit at South African Revenue Service.

(Edited by Shimoney Regter)

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