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The rand jumped about 1% on Tuesday to 18.79 per dollar as US Treasury yields fell and the BRICS summit opened in Johannesburg. Analysts said the rally would need continued falling US yields to last.
The summit was not expected to give the market lasting momentum without implementable policies.
Lower US yields weakened the dollar and lifted the rand, which lowers rand costs for dollar-priced feed imports. The move is driven by US rates rather than South African fundamentals.
cnbcafrica.comReutersAug 22, 2023Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
