The rand plunged by almost 8% against the dollar on Monday, almost touching R17/$, as investors fled riskier assets, with tumbling oil prices adding to nervousness spurred by the spreading coronavirus. While global sentiment was the largest factor in the rand’s performance – with the currency seen as a proxy[…]
Motorists have a reason to celebrate, the price of fuel has dropped by almost R1 a litre. It is the first time in six months that petrol prices have decreased. The price of 93 unleaded petrol now costs 96 cents less a litre, while 95 will cost 95 cents less. Diesel will[…]
The rand lost 4% to the dollar in early trade on Monday as it continued to be dragged lower by the Turkish lira and Russian rouble. The local currency opened at R14.13/$ and was changing hands at R14.65 to the greenback at 07:46. By 08:32 it had strengthened somewhat to[…]
The rand returned to its strong level of R14.31/$ on Wednesday after weakening a day earlier due to a strong dollar and growth concerns about South Africa being voiced. “For the first time in a while we saw some rand weakness,” said Umkhulu Consulting’s Adam Phillips on Wednesday. “Having traded[…]
The rand has seen a 25% recovery against the British pound since January, after Britain voted to leave the European Union on June 24. “The rand has certainly been doing well,” said RMB analyst John Cairns on Monday. “The fall in (the pound to rand exchange rate) has been the[…]
Analysts were shocked on Friday to see the rand dive more than the day President Jacob Zuma fired former finance minister Nhlanhla Nene as the UK voted to leave the European Union. Rand Merchant Bank analyst John Cairns was alarmed that the currency’s losses against the dollar had swung between[…]
Standard Bank Research said the “rand sacrificed most of the gains it had made since the end of January”, which analysts on Monday said was due to a boiling point in politics involving President Jacob Zuma and Finance Minister Pravin Gordhan. Zuma said on Friday that he will not interfere[…]
Consumers will have no choice but to tighten their belts as the country was hit with another repo rate hike on Thursday. As the economy slips further into a downward spiral, Reserve Bank governor Lesetja Kganyago announced a repo rate increase of 50 basis points to 6.75%. After revising the[…]
The investigation into the collapse of the rand has started, with the Competition Commission targeting six major financial institutions implicated in currency manipulation. The commission confirmed that this probe would reveal the forces behind the depreciation of the currency in the last few years. Spokesperson for the Competition Commission Itumeleng[…]
With food, petrol and interest rate hikes already on the horizon due to a weakening currency, the declining rand is also expected to have a knock-on effect on the country’s property market. The most immediate impact is expected to be as a result of rising interest rates, which will effectively[…]
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