South Africa's rand heads for best November in three decades

By Robert Brand

JOHANNESBURG, 30 Nov. - (ANA)  - November isn’t usually a great month for South Africa’s rand, but this one’s turning into an exception.

Not only is the currency headed for its biggest monthly gain against the dollar this year, but also its best November in 30 years. The gain of 8.1 percent this month is surpassed only by the 9.1 percent advance in November 1988.


The rand is headed for its best November in three decades.

The rand has weakened in November in seven of the last 10 years, according to data compiled by Bloomberg. But it climbed to a four-month high against the greenback on Thursday after Federal Reserve Chair Jerome Powell hinted at a softer policy stance, sending the dollar weaker and U.S. 10-year yields below 3 percent for the first time since September.

South Africa’s currency gained 0.7 percent to 13.6863 per dollar by 12:38 p.m. in Johannesburg, after strengthening 1.1 percent on Wednesday.  - (ANA) -

AB/ANA/30 November 2018 - - -