Share

Rand gains to five-month high versus dollar

Cape Town - The rand gained to its strongest level against the dollar in five months after South Africa unexpectedly posted a trade surplus in March for the first time this year.

The currency gained 0.9% to R14.1611/$ by 2:46pm, heading for the strongest level since November 24 and the best performance out of 31 major and emerging-market currencies monitored by Bloomberg. The rand has advanced 9.2% this year, partially reversing a 25% loss in 2015.

Yields on benchmark government bonds due December 2026 dropped 7 basis points to 8.97%.

The country posted a trade surplus of R2.9bbn in March, compared with a deficit of R1.1bn the previous month, the revenue agency said. The median estimate of economists in a Bloomberg survey was for a deficit of R1.9bn.

Earlier, the rand strengthened after the high court set aside a 2009 decision to drop corruption charges against Jacob Zuma, one month before he became president. The ruling may mean Zuma has to face more than 700 charges.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.89
+0.2%
Rand - Pound
23.82
+0.4%
Rand - Euro
20.37
+0.3%
Rand - Aus dollar
12.30
+0.3%
Rand - Yen
0.12
+0.2%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders