The rand had strengthened to its best level in almost two weeks against the dollar during intraday trade on Monday morning as risk appetite prevailed in the market as more economies begin reopening.
The local currency earlier firmed to as much as R18.20/$, its best level since April 30. The rand has lost 23% so far in 2020, according to Infront data.
At 11.31am, the rand was flat at R18.3504/$ while it had firmed 0.13% to R19.8505/€ and 0.25% to R22.6670/€. The euro had weakened 0.19% to $1.0817.
FXTM global head of market research and currency strategy Jameel Ahmad said the reopening of economies and expectations that governments will announce more measures to reopen economies have supported the rand.
“When you combine this feel-good factor alongside the absence of domestic risks, an environment is created where the rand can strengthen,” he said,
The yield on the R2030 government bond rose five basis points to 9.34%. Bond yields move inversely to prices.
Gold was flat at $1,701.76/oz while platinum was down 0.17% to $764.20. Brent crude lost 2.79% to $29.98% a barrel.
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