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Rand strengthens against dollar in morning trade

The rand has now firmed by about 7.5% against the US dollar since it weakened to R13.93 at the beginning of this month.

Picture: EWN

JOHANNESBURG - The rand has strengthened by more than 1.5% against a weaker dollar on Monday morning.

It’s hovering around R12.88 against the dollar mark, a level recorded in the last week of March.

The rand has now firmed by about 7.5% against the US dollar since it weakened to R13.93 at the beginning of this month.

This was after Standard and Poor’s global downgraded the country’s foreign credit rating to sub-investment grade with a negative outlook, citing political uncertainty.

Fitch followed suit, downgrading both the foreign and local credit rating to junk status.

RMB’s Jan Sluis-Cremer says results from France's first round of the presidential elections have increased risk appetite.

Last week, Finance Minister Malusi Gigaba embarked on an investor roadshow to the US where he was scheduled to meet with executives at the IMF, World Bank and ratings agency Moody’s in a bid to restore investor confidence.

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