The rand led gains among its major peers after South African President Cyril Ramaphosa said the currency has weakened too steeply up against the dollar and vowed that his intends to conduct land reform won’t cause mayhem.

“The rand is undervalued presently,” Ramaphosa said Wednesday in a interview with Bloomberg Television in New York, where he’s been attending the United Nations General Assembly. “We want the rand for being well-balanced as to be capable of supporting the commercial trajectory of country.”

The rand is back in style as sentiment improves locally and globally, Nedbank analysts Mehul Daya and Walter de Wet wrote from a note to clients. For Societe Generale SA, the rand’s rally in the past three weeks is simply temporary blip, with more weakness yours for the taking as poor fundamentals with an unfavorable external backdrop weigh around the currency. Others, including Standard Chartered Plc, be aware of the currency as undervalued and due to get more gains, though perhaps less than yet.

The rand climbed 1.2% to 14.1911 per dollar at 12:38 pm in New york city, the best among the many 31 most-traded currencies tracked by Bloomberg.

In with regard to please note within the currency, Ramaphosa also said his administration will pursue intends to redistribute land for the country’s black majority as well as being still considering whether constitutional amendments should allow you to expropriate property without compensation.

? 2018 Bloomberg L.P