Rand hits R16 to the dollar

• The rand has strengthened to below R16.00 per dollar, erasing its losses from the Iran war.
• South Africa's currency slumped in March due to rising oil prices and then lost ground again in July after the Reserve Bank held back on raising interest rates.
• The strengthening of the rand is seen as a positive for emerging-market currencies, with implications for South Africa's economy and potential impact on inflation.