Rand lifts to best level in nearly three months on global market optimism

The rand reached its best level in more than two months on Monday morning, strengthening alongside some of its emerging-market peers amid optimism about the easing of lockdown restrictions and the revival of economic activity.

The local currency strengthened to R16.70/$ during intraday trade, its best level since March 18, before the start of the national lockdown. Global market sentiment has been supported by the loosening of lockdown restrictions in the US and the eurozone. The rand has gained more than 11% over the past 30 days,but is still down 16.2% so far in 2020, according to data from InFront.