The rise of the Rand

Rand soars and soars as Zuma falls

The rand raced to R11.67 against the US dollar in early trade today as the markets cheered Jacob Zuma’s resignation as head of state and Cyril Ramaphosa’s impending election.

The local currency which has been the best performing currency against the dollar post the ANC elective conference in December was set to remain steady at around R11.70 against the dollar mark in the coming sessions.

Bianca Botes, an analyst at Peregrine Treasury Solutions, said the rand is expected to trade in a range of R11.70 to R12 against the greenback, leading up to the budget speech next.

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