Rand takes a hammering as South Africa’s problems mount
The South African rand is taking an absolute hammering in markets as a combination of global and local and issues weigh the currency down.
The poor South African rand is taking an absolute hammering in markets this week as a combination of global and local and issues weigh the currency down.
PICTURES | Bob the sea turtle returns to the ocean after 8 years at Two Oceans Aquarium
At the time of publishing on Friday, 17 February, the local unit was trading at R18.27 to the US dollar.
The rand had been on the cusp of R18/$ for much of the month – and duly broke through that key barrier after strong economic data in the United States raised the likelihood for further rate hikes by the Federal Bank.
WARNING | Arrests made after investigation into horrific cat-throwing footage
Meanwhile, on the local front, rating agency Fitch issued a stern warning over the ongoing load shedding crisis in particular, according to BusinessTech.
In addition, investor sentiment has soured as the ANC pushes harder into far-left policies and alliances.
PICTURES | Is this the BIGGEST great white shark ever spotted in SA waters?
Rand trading at the following levels against major currencies:
- ZAR/USD: R18.27
- ZAR/EUR: R19.43
- ZAR/GBP: R21.77
Correct at time of publishing