The rand pushed to its best level against the dollar in almost a week at midday on Wednesday as the dollar staged a broad retreat amid concern about its effect on the world economy.
"The world seems to be concerned that a strong dollar will hurt many economies‚" Bidvest Bank chief currency dealer Ion de Vleeschauwer said.
Emerging-market currencies benefited as the dollar took a knock after comments attributed to the Bank of Japan governor Haruhiko Kuroda that the yen was weak.
The prospect of higher US interest rates has boosted the appeal of the dollar to the detriment of other currencies and stoked inflation fears.
At 11.59am the rand was at R12.3336 to the dollar from a close on Tuesday of R12.4332.
The rand was at R13.9376 against the euro from a previous close of R14.0249 and was at R19.0687 to the British pound from R19.1225.
The euro was at $1.1300 from $1.1281.
Rand gathers strength as dollar weakens
"The world seems to be concerned that a strong dollar will hurt many economies‚" Bidvest Bank chief currency dealer Ion de Vleeschauwer said.
Emerging-market currencies benefited as the dollar took a knock after comments attributed to the Bank of Japan governor Haruhiko Kuroda that the yen was weak.
The prospect of higher US interest rates has boosted the appeal of the dollar to the detriment of other currencies and stoked inflation fears.
At 11.59am the rand was at R12.3336 to the dollar from a close on Tuesday of R12.4332.
The rand was at R13.9376 against the euro from a previous close of R14.0249 and was at R19.0687 to the British pound from R19.1225.
The euro was at $1.1300 from $1.1281.
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