Rand looks set to remain steady on SA’s improved economic outlook

The rand, one of the most resilient emerging market currencies in the wake of Russia’s invasion of Ukraine, could extend its gains further as improved domestic metrics reinforce the support it is getting from higher commodity prices, analysts say.

Fresh from its best quarter since the end of 2020, the currency could gain another 3.4% this week, according to Investec economist. They said the rand may trade as firm as R14.10/$ this week, a level it has not reached since September 10 2021 when it became the best performing emerging market currency of that year as the current account surplus reached its highest level on record in the second quarter. But the currency could also easily weaken to R15.10/$, Investec said…