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Rand makes steady gains against dollar

The rand is now R13 exactly to the dollar, R16.13 to the pound and R13.72 to the euro.

Picture: Supplied.

JOHANNESBURG – The rand has continued to retain its gains after briefly dropping below R13 to the dollar on Wednesday.

Analysts say favourable economic figures have boosted the rand, with better inflation and unemployment figures.

The rand is now R13 exactly to the dollar, R16.13 to the pound and R13.72 to the euro.

Lower inflation of 6.6% for January from 6.8% in December appears to have impacted on the rand.

Added to this, new unemployment figures show a drop to 26.5% for the fourth quarter of last year.

This was from 27.1% in the previous quarter.

Analysts say this was better than market expectations, with data also showing more eligible workers with matric certificates.

The rand has strengthened despite the dollar firming after US Federal Reserve chair Janet Yellen hinted at a possible interest rate hike next month.

(Edited by Masechaba Sefularo)

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