The South African rand hit an 11-week high on Monday morning following a broad rally in African currencies last week, fueled by the reopening of economies on the continent and an uptick in global risk sentiment.
As of late Monday morning, the rand was trading at 16.8012 to the dollar, slightly retreating after hitting its strongest price since March 18 earlier in the day, at 16.7762.
The move comes despite a steep incline in confirmed coronavirus cases in South Africa, which has now recorded more than 48,000 cases as it tries to relax lockdown measures. Despite South Africa expecting a 7% contraction in gross domestic product this year — which will be its worst since World War II — analysts now believe there are a combination of factors that indicate the rand, and a host of currencies in sub-Saharan Africa, could have further to go.
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