Why is South Africa’s rand currency up? — Quartz

South Africa’s new president calls the current optimism experienced in the country as “a new dawn.” It’s a sentiment the country’s volatile currency seems to have embraced, pushing below 12 rand to $1 when Cyril Ramaphosa took over the ruling party. The currency, which has risen by some 15% in the last couple of months, maintains its newfound confidence as Ramaphosa became the country’s fifth president and brought back finance minister Nhlanhla Nene—whose 2015 axing first triggered the rand’s downward spiral.

Once pegged to the country’s vast gold reserves, the rand used to be 2:1 to the pound and nearly as strong as the dollar until a generation ago. Today, however, it seems pegged to the anxiety of post-apartheid South Africa. A stronger rand may boost the national…

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