Cue ‘Eye of the Tiger’ from those Rocky movies, the underdog is fighting back and fighting back hard.

The humble rand has hit its strongest level since December 9 last year, and at around 5PM yesterday evening sat at R14.58 to the dollar and R20.73 to the pound.

A quick check this morning shows that it now sits at R14.63 to the dollar and R20.66 to the pound, holding firm overnight. This below from EWN:

The rand has climbed around 0.8 percent today – the firmest it’s been since President Jacob Zuma decided to fire Finance Minister Nhlanhla Nene.

That decision saw the rand plummet into a tailspin.

However, the local currency has now recovered, which is good news for those bringing goods into the country.

This also follows stronger-than-expected February retail sales.

Sales grew by 4.1 percent year-on-year after expanding by a revised 3.6 percent in January.

The retail data comes a day after a survey pointed to improved consumer sentiment in the first quarter of this year.

Hmm, what does the market know that we don’t – perhaps everyone is looking at the glass as half full, hoping the same thing as Max du Preez and much of the country?

He certainly thinks Zuma stepping down is on the cards (calling it a Zexit), although what the rand does if and when that does occur is anyone’s guess.

[source:ewn]

[imagesource:iol]