JOHANNESBURG - The rand has strengthened again, breaking below R17 to the dollar.
A stronger rand means it takes fewer rand to buy one US dollar. Some analysts believe it could firm even further to around R16.50.
The currency last dipped below R17 in November, and before that, not since January 2023, meaning it’s taken almost three years to return to this level.
It’s also a significant recovery from April, when the rand nearly hit R20 to the dollar after Donald Trump announced new tariffs.
While there has been some improvement in local economic indicators, the rand’s rally is largely being driven by a weaker dollar.