South African rand stronger after Ramaphosa announces lockdown easing

PUBLISHED: Mon, 17 Aug 2020 10:13:46 GMT


JOHANNESBURG (Reuters) – The South African rand began the week stronger on Monday after President Cyril Ramaphosa announced a sweeping removal of lockdown restrictions over the weekend.

Ramaphosa said that from midnight on Monday a ban on alcohol and tobacco sales would be lifted, inter-provincial travel would be allowed and restaurants and taverns could return to normal business subject to hygiene protocols.

By 0631 GMT the rand was trading at 17.3400 versus the dollar, roughly 0.3% firmer than its previous close. Dollar weakness on global markets also supported the rand.

Government bonds were little changed in early trade, with the yield on the 2030 bond at 9.16%.