# The rand this morning traded at its strongest level since early March. It followed a weakened dollar amid reports that the US and Iran reached an agreement to extend the ceasefire in the Middle East by another 60 days, and lift restrictions on shipping through the Strait of Hormuz. South Africa’s monetary policy committee yesterday hiked the repo rate by 25 basis points to 7-percent, the first increase since 2023. Higher interest rates make South African assets more attractive to investors seeking returns.
Rand at best level in months after rate hike and reports of ceasefire deal