Rand continues to strengthen against dollar

Following talk that the Reserve Bank may hike interest rates once again, the rand is continuing its recovery from record lows against the dollar.

In December 2015, president Zuma suddenly and unexpectedly fired Nhlanhla Nene, finance minister, shocking the markets and sending the rand into a tailspin, the effect felt in the currency, which hit a record low of R17.99 to the dollar on 11 January.

To the relief of many, the rand has made good progress since then, after the Reserve Bank hiked interest rates by 50 basis points, to 6.75% earlier this month. On Wednesday last week, the rand gained more than 2 percent against the dollar - R15.48 - to its strongest level this year.

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