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The rand rallied against most major currencies on Tuesday and gained more than 5% against the dollar over the month, reaching its strongest level since mid-September and mid-March. USD/ZAR was seen finding support near 16.08 on charts, and the currency faced risk ahead of Wednesday's budget.
The rally followed a week-long run against the greenback.
A stronger rand lowers the local cost of imported feed ingredients for South African buyers. The budget event creates downside risk for the currency, which could reverse this effect.
poundsterlinglive.comJames SkinnerOct 27, 2020Not 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.
