Johannesburg - The rand hit a three-week high against the dollar on Monday as emerging markets were buoyed by France’s presidential election first-round win for the market’s preferred candidate.
At 5pm, the rand traded at R13.0143 to the dollar, 0.89 percent firmer from its New York close on Friday.
The unit was trading at its firmest levels since March 30, according to Thomson Reuters data.
“Following the first round of the French election we’ve seen some renewed risk appetite which has bode well for our currency,” said IG South Africa senior market analyst, Shaun Murison.
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Uncertainties surrounding the French vote dissipated after Centrist Emmanuel Macron, a pro-EU and former economy minister, qualified for the May 7 run-off alongside far-right leader Marine Le Pen.