This is, however, still stronger than its weakest level so far of R19,35 to the dollar after Moody’s rating agency cut South Africa’s credit rating to sub-investment grade, and rating agency Fitch cut its credit rating deeper into sub-investment grade at the beginning of the month.

The rand has lost nearly 30% of its value since the beginning of the year.

Economists have warned that the rand will remain volatile over the next few weeks. 

SABC