Cape Town – A recovery in commodity currencies and stability in the oil price boosted the rand to its highest level in four months on Tuesday.

By 09:00 on Tuesday, the rand was trading at R14.38/$, which was last seen on December 6 – three days before President Jacob Zuma fired the respected finance minister Nhlanhla Nene, which sent the rand and markets tumbling to historic lows.

Umkhulu Consulting’s Adam Phillips said in a note on Tuesday that the recovery in the oil price was a “key driver” in helping commodity currencies appreciate.