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The rand has strengthened to below R15 to the dollar, currently trading at R14,92.
This as the dollar weakened after the US Federal Reserve raised interest rates by 0.25% for the first time since 2018.
Traders also expected risk appetite to be kept in check by the Russia-Ukraine conflict, and a retreat in recent commodity price highs.
A weaker dollar usually strengthens emerging markets currencies such as the rand. But the rand has also strengthened due to higher commodity prices, which increase the inflow of foreign currency into South Africa.
An inflow of foreign currency strengthens the rand, while an outflow weakens it.
-Additional reporting by Reuters
