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[ALERT] Rand breaks through R12/dollar barrier

The local currency has broken through the R12 level to the US dollar on Wednesday.

Picture: EWN.

JOHANNESBURG - The rand has reached its strongest levels in more than two years, breaking through the R12/dollar mark.

It is currently trading at R11.94 to the dollar.

Economists say this can be attributed to the weaker greenback and improving sentiment around politics in South Africa.

Investors have been reacting positively to the appointment of new leaders in the ANC and the new Eskom board.

Investec Bank Limited’s chief economist Annabel Bishop says: “This has been partly attributed to the positive comments about South Africa in Davos. A lot of SA leaders are there [Davos] and they’re talking particularly about ending corruption, repairing state-owned entities (SOEs), the governance of SOEs and the health of public finances.“

Jan Sluis-Cremer, a currency trader at RMB Bank, says he doesn’t see the country going back to the level of pressure the rand was in last year.

“Today was really the catalyst because if we didn’t manage to break through to today we were going to head back to the R12.25 level.”

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