The South African Rand on Wednesday strengthened to R18 against the US dollar. The Rand has been strengthening since the announcement of the Government of National Unity (GNU), while the markets have grown by 7.6% in the past week.
According to Simply Wall Street's South African JSE market analysis and evaluation, the markets have grown by 7.6% during the past seven days, with every sector registering growth, led by the financial sector at 13.83%. Data showing trading history of the Rand to the US dollar, from Exchange Rates UK indicates that the Rand was trading at a minimum of R18.360 to a maximum of R18.450, while it closed at R18.353 on Friday 14 June. Since then, the latest data on Wednesday 19 June shows that the Rand was trading between a minimum of R17.954 to R18.02, while it closed the day at R17.951.
At the time of publication, the Rand was trading at R18.09, slightly weaker than where it closed on Wednesday. Earlier January this year a fund manager survey by the Bank of America (BofA) as reported by Businesstech forecasted that the South African Rand will finish the year at R17.73 to the US dollar.
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