Rand dropped below R14/dollar

The rand reached a three month high on Thursday after dropping below the R14 to the dollar.

Weak data out of the US due to Independence Day celebrations and a slight uptick in local business confidence saw the ran drop to R13.98 to the dollar. A gain of 0.7%.

The rands improvement is due to the expectations that central banks in Europe and the US will cut interest rates, as well as strong gold prices.

The local currency also strengthened by 0.6% against the pount at R17.5649 and the Euro at R15.7549.