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The rand firmed about 1% against the dollar on Tuesday after South Africa lifted most coronavirus lockdown restrictions over the weekend. A weaker US dollar, at a two-year low after five straight daily declines, also supported the currency.
Official forecasts still predict at least a 7% contraction this year.
A firmer rand eases the cost of dollar-priced feed imports for South African buyers. The move mainly reflects dollar weakness and local reopening, not grain supply.
moneyweb.co.zaOlivia Kumwenda-Mtambo, Tanisha Heiberg, ReutersAug 18, 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.
