The most notable development has been the strengthening of the rand which, by last week, had appreciated to a low of R12.31 against the US dollar since our previous cocktail function. This was the strongest that the rand had traded since mid-2015. On a trade-weighted basis, the South African currency had appreciated by about 19%.
Page 4 of 9  This rally can be attributed to a number of factors, including the pickup in commodity prices, investor positioning, and a reprieve from international credit rating agencies regarding a possible downgrade of South Africa to sub-investment grade.