Rand gains as importers cash in on rally

JOHANNESBURG – The rand firmed by more than 1% against the dollar for a second consecutive session yesterday boosted by a lull in local politics and some importers stepping in to buy the currency before the rally fades.

Stocks inched higher, led by hotel group Sun International and clothes retailer Truworths.

At 5pm, the rand bid at R13.5759 to the dollar, 4.88c firmer than at the same time on Tuesday, a touch short of the session and week-and-a half best of R13.51, with cooling hopes of tax reforms in the US allowing the rand to remain on the front foot.

The rand has …read more