Rand recovers from record lows

JOHANNESBURG - Some good news for the local currency.

The rand has gained more than 3 percent against the dollar this week.

READ: IMF predicts near zero growth for SA economy

It has recovered from record lows of over R19.85 last month.

The rand is currently trading at R18.82 against the US dollar.

WATCH: Warning over rand's declining performance

It has remained below R19 to the dollar after a strong week of gains boosted by encouraging economic data at home.

The rand has benefited from the country narrowly avoiding a recession.

The country's current account deficit narrowed in the first quarter of this year.