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Risk aversion puts Rand under pressure

Last week was a tough one for the Rand, with rates falling to record lows against the Dollar and Pound. The Rand fell almost 2% against the sterling and just under 1% against the greenback amid global investor sentiment. GBP-ZAR is currently at 21.88 and USD-ZAR currently sitting at 14.38.

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ZAR stabilises, but does not soar

The Rand started firmly on Monday but lost ground as the week continued, thanks to the continuing slide in commodity prices along with being an EM currency. The student protests have also weighed on investor sentiments in the past two weeks.

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Rand wobbles after student pro
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Rand wobbles after student protests

Last week was characterised by the student protests across the nation. The Rand was at a low against the dollar as the student protests over tuition fees put a negative spin on investor sentiment. The Rand fell by nearly 2% against the US dollar mid-week, which tied in with the protests occurring outside of Parliament.

Rand resumes slide to fresh lo
South Africans Abroad

Rand resumes slide to fresh lows

The South African Rand fell to historic lows against the Pound last week, hitting 21.45 on Thursday, the worst rate in over 10 years. Following hawkish statements from various Fed officials with regard to raising US interest rates this year, the Rand also reached record lows against the US Dollar.

A mixed bag for the Rand
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A mixed bag for the Rand

The Rand started the week softer against the Dollar on Monday, reaching a record low of 14.0175 after another sharp fall in Chinese shares, along with the weak South African Reserve Bank data. The data released by the reserve bank showed only a slight improvement in net foreign exchange reserves during August.

Rand slips to a historical low
South Africans Abroad

Rand slips to a historical low against the Pound

The big talking point of the last week was the devaluation of the China’s currency. The Rand dropped to its lowest level (R12.7250) in 14 years to the Dollar on Tuesday and Wednesday. This decline, along with fellow emerging market units, followed China’s decision to devalue its currency to support a stuttering economy and boost exports. The USD strengthened on the back of this devaluation.

Rand falls to 14-year lows in
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Rand falls to 14-year lows in emerging-market sell-off

Last week, the South African Rand took the brunt of a sell-off in commodity currencies triggered by concerns about a slowdown in China’s growth. The Rand dropped more than 1.5% to a low of 12.680 to the Dollar. On Friday, the Rand temporarily hit a 14-year low at its weakest point.

Rand to hold as Greece reaches
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Rand to hold as Greece reaches new debt agreement

The GBP-ZAR rate dropped to 19.11 on Friday last week, but it could not keep its footing and closed at 19.32. The rate has since hovered around this point with no real changes expected, especially with all eyes on Greece and the Euro’s movements.

Rand rallies briefly against t
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Rand rallies briefly against the Dollar

The Rand was relatively unchanged against the Dollar on Friday after a fleeting rally, on the back of the US Federal Reserve’s delayed interest rate hike, which fizzled out, and due to investors awaiting the latest news from negotiations with Greece.

Rand rallies briefly against t
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Rand rallies briefly against the Dollar

The Rand was relatively unchanged against the Dollar on Friday after a fleeting rally, on the back of the US Federal Reserve’s delayed interest rate hike, which fizzled out, and due to investors awaiting the latest news from negotiations with Greece.

Struggling Rand steadies by we
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Struggling Rand steadies by week end

Last week Tuesday, Overberg Asset Management’s weekly overview of the South African market landscape named the country as one of the most threatened emerging markets. South Africa, Brazil and Turkey were deemed the “threatened three” due to displaying the weakest currency fundamentals.

Rand hits year low
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Rand hits year low

The Rand hit a 13.5 year low against the Dollar on Friday due to strong US jobs data for May. This boost to the US economy has led to an increase in the strength of the Dollar and traders’ confidence.