Local currency at 15-month high could mean record low rates for longer
15 April 2021 – 23:22
The rand jumped to a 15-month high against the dollar as the country’s yield advantage and higher commodity prices boosted sentiment towards local assets, making it more likely that the Reserve Bank will be able to support the economy with record low interest rates even as US yields climb.
The SA currency is the only one among its emerging-market peers to rise against the greenback in 2021, up 3.68%. Its R14.17 closing level on Thursday marked a sharp reversal of losses that pushed it to a two-month low just five weeks ago…