More fuel in the rand rocket’s tank
With the election dust starting to settle, South African assets are enjoying a relief rally, but further strength depends on the fledgling government finding its feet — and fast
27 June 2024 - 05:00
The markets are holding their breath, keenly awaiting President Cyril Ramaphosa’s cabinet appointments — too much deadwood and the rand will gap further above R18/$, but if there is a shift towards more competent appointments, the currency could strengthen all the way to R17/$.
Recent market moves have been quick and significant, with the rand improving from just above R19/$ prior to the formation of the government of national unity (GNU) to just below R18/$ last week — a level it last reached in July 2023...
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