Signs That Traders Are Coming to Terms With Rand's New Normal

Mixed denomination South African rand banknotes are displayed in this arranged photograph in London, U.K.Photographer: Chris Ratcliffe

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By Robert Brand

March 6, 2018 at 11:59 AM UTC

This article is for subscribers only.

After years of being a one-way bet, South Africa’s rand seems to have turned a corner. The currency gained in 2017 after five straight years of losses, and extended the advance since January, riding a wave of optimism following the election of Cyril Ramaphosa as president.

These charts suggest that traders are starting to adapt to what may be the new normal for the South African currency.