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Rand firms amid political uncertainty

Currencies
Johannesburg - The rand firmed slightly on Tuesday amid lingering political uncertainty.

At 5pm, the rand was bid at R13.2847 to the dollar, 3.48c stronger than at the same time on Monday. During early trading yesterday, the rand reached R13.24 against the dollar, its strongest since March 30.

Deputy President Cyril Ramaphosa said on Monday that leaders should listen to protesters who have taken to the streets demanding that President Jacob Zuma leaves office.

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Picture: Nadine Hutton/Bloomberg

“What we have here is a currency that is undervalued. Whenever there’s good news an undervalued currency will appreciate. The president is seen to be on the back foot with all these marches,” said Efficient Group’s chief economist, Dawie Roodt.

In fixed income, the yield for the benchmark government bond due in 2026 fell.

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