JOHANNESBURG - President Cyril Ramaphosa acted swiftly in finding a reputable replacement for Nene and the rand enjoyed a strong retracement as previous SARB Governor Tito Mboweni was announced as the incoming Minister of Finance according to Bianca Botes Corporate Treasury Manager at Peregrine Treasury Solutions:
The currency opened Wednesday trading at R14.53/$ following a tough start to the week.
While this reaction reflects the confidence in both the new minister and in Cyril Ramaphosa’s ability to act speedily and decisively, the currency will continue to feel the pinch from a strong dollar and a risk-averse global market in the months to come.
The range for the day is expected to be R14.44 to R14.62.
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