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November is usually not great for the South African rand, but it is becoming an exception.
Not only does the currency record its biggest monthly gain against the dollar this year, but also its best month of November in 30 years. The gain of 8.1% this month is only exceeded by the 9.1% advance of November 1988.
According to data compiled by Bloomberg, the rand has weakened in November over the last seven years. But it reached its highest level in four months against the greenback on Thursday, after Federal Reserve Chairman Jerome Powell announced a more moderate political stance, bringing the dollar down and US yields lower than the US dollar. 3% for the first time since September.
The currency of South Africa rose 0.7% in Johannesburg to 13.68 for a dollar to 12.38, after rising 1.1% Wednesday.
© 2018 Bloomberg L.P
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