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Rand surges following Mboweni’s appointment as finance minister

The rand has been under pressure for the past few weeks with ratings agencies Moody's and Fitch citing continued political uncertainty.

Picture: EWN

JOHANNESBURG - The rand has been on a seesaw over the past 24 hours hitting above R15 to the US dollar.

At the time of publishing this article, the rand was at R14.75 to the greenback.

The rand has been under pressure for the past few weeks with ratings agencies Moody's and Fitch citing continued political uncertainty.

Rising US interest rates have also had a profound effect on the rand which has plunged to levels last seen in 2016.

The local currency has also been volatile this week with economists concerned about the medium-term budget speech later this month.

All eyes will be on former Reserve Bank governor and now Finance Minister Tito Mboweni with rating agencies calling for more stability and transparency at the highest level.

WATCH: Nene out, Mboweni in

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