Rand strengthens against greenback amid US election volatility

In a true show of volatility, the rand has strengthened by around one percent against the dollar in overnight trade.

This after having weakened during Wednesday’s JSE trading session by as much as one and a half percent.

This continues to follow the movement of the dollar, which has weakened against other major currencies, strengthening emerging markets currencies, as well as commodities.

The dollar is in part reacting to sentiment amid a far closer US Presidential Election than polls had predicted.

Currency markets are swinging wildly as votes are being counted, with final results days or even weeks away.

The rand is at R15.86 to the dollar in midday Asian trade, after touching R16.43 yesterday.

The rand was at its weakest level so far at the beginning of April at R19.35 to the dollar.