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Rand strengthens to three-week high

Business Report
THE RAND hit a three-week high against the dollar yesterday as the greenback weakened broadly on worries over US President Donald Trump’s disclosure that he had shared information with Russian officials.

The rand raced to its firmest since April 26, according to Thomson Reuters data, hitting a session high of R13.0750 to the dollar earlier in the day.

By 15.25pm, the unit was trading at R13.09, 0.68percent firmer from its New York close on Monday, extending a rally that started last week after disappointing US data weighed on the dollar.

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South African Rand coins are seen in this photo illustration

The greenback was hampered by news that Trump disclosed highly classified information to Russia’s foreign minister, with the dollar index falling to six-month lows.

South African government bonds also firmed.

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