JOHANNESBURG - The rand is showing remarkable resilience amid conflict in the Middle East.
It traded below R16.20 to the dollar, its strongest level since early July.
The currency has been supported by easing expectations of further US interest rate hikes and improving investor sentiment.
The rand has also shrugged off uncertainty surrounding the conflict in the Middle East and developments around the Strait of Hormuz.
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The currency came under pressure last month after the Reserve Bank unexpectedly kept interest rates unchanged while warning about inflation risks.
Higher oil prices linked to the Iran conflict also weighed on sentiment, given South Africa's reliance on imported fuel.
However, analysts say stronger gold prices, relatively healthy public finances and confidence in the Reserve Bank's inflation-targeting framework continue to support the rand.