The rand's recent gains have been due to international factors.
The rand is closing in on the R16 to the dollar mark after one of its strongest rallies since the outbreak of the Iran war, strengthening from a recent peak of 16.98 to trade at R16.12 in the early afternoon.
Nkosinathi Nsibande, portfolio manager at Abax Investments, said the rand had moved into the R16.10 to R16.25 range, its strongest levels since early March.
The currency had been trading around R16.35 to R16.45 at the beginning of July before the South African Reserve Bank's (SARB’s) decision to leave the repo rate unchanged at 7% triggered an initial sharp sell-off.
“With the reaction to the SARB initially pushing the currency weaker, global markets quickly provided a massive tailwind,” said Nsibande.
