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Rand hits 3-year high against dollar

At 0627 GMT, the rand was at 11.5300 per dollar, 0.11% firmer than its New York close on Friday.

Picture: Supplied.

JOHANNESBURG – South Africa’s rand hit a fresh three-year high against a weaker dollar in early trade on Monday, amid talk that President Cyril Ramaphosa is likely to announce a new Cabinet this week.

At 0627 GMT, the rand was at 11.5300 per dollar, 0.11% firmer than its New York close on Friday.

The currency hit 11.5100/dollar earlier in the session, its firmest since February 2015.

Ramaphosa has said he is considering a Cabinet reshuffle after replacing former leader Jacob Zuma. The former president’s nine-year rule was marred by a series of scandals. Ramaphosa has pledged to fight official corruption.

In fixed income, the yield on the benchmark government bond due in 2026 fell 4 basis points to 7.995%, reflecting stronger bond prices.

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