Rand strengthened to below R18 to the dollar

The rand strengthened to below R18 to the dollar, breaking below the psychologically important level for the first time in 11 months.

The rand traded at R17.95 to the dollar after 09:00am this morning. This is in the midst of a wave of optimism that the newly formed government of national unity (GNU) will provide stability and provide a framework for much-needed economic reforms in SA.

It also comes as Cyril Ramaphosa is sworn in for a second term as president at the Union Building later and a major rally that saw the rand strengthen significantly from R18.29 on yesterday morning

The JSE All-Share Index also closed 3.5% higher which was led by a surge in insurance, banking and retail stocks.