Rand strengthens below R17/$ on Covid-19 treatment hopes

The rand reached its best level in almost two months on Monday morning, breaking through R17/$ as global markets rallied on positive news regarding a treatment for Covid-19.

The local currency strengthened to as much as R16.97/$ in intraday trade, its best level since July 31. At 10.50am, the rand had firmed 0.98% to R16.9776/$, 0.77% to R20.0755/€ and 0.72% to R22.2585/£. The euro had strengthened 0.26% to $1.1823.

Source: businesslive.co.za