At the same time, the rand was 0.23% weaker at R14.1312 to the dollar, having earlier firmed to R14.0353 to the dollar — a three-month high. It was flat at R15.9965 to the euro and at R17.9055 to the pound. The euro was 0.36% weaker at $1.132.
Oil was sharply higher, rising 3.42% to $66.60 a barrel, amid reports Saudi Arabia and Russia had agreed to extend production cuts.
The rand has now approached a “rather decent” support trend line of about R14-R14.05 to the dollar, said Standard Bank currency trader Warrick Butler. This was a line going back to early 2018, but there was some cause to be cautious in the early part of the week, Butler said.
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