Rand weakens against the Dolla

Rand weakens against the Dollar

The Rand depreciated against the US Dollar on Friday for the fifth consecutive day, closing at USD-ZAR 11.02, compared with Thursday’s close of USD-ZAR 10.97, on the back of a continued risk-off bias in global financial markets.

Rand weakens against the Dolla

The Rand’s depreciation against the greenback occurred into a mixed performance from the Dollar against the major crosses, and weakness across the majority of the commodity and EM currencies we monitor for purposes of this report.

The Dollar weakened against the Euro and the Pound, while strengthening against the Yen.

The Rand depreciated against all of the major crosses, with the biggest move seen against the Euro (0.8%).

The Rand took up middle ground among commodity currencies, beating the CAD and AUD. The only commodity currency that did not depreciate was the NOK.

In the EM currencies category, the Rand was placed fourth to last, ahead of the RUB, TRY and BRL. All but three EM currencies – namely, the INR, HUF and IDR depreciated.

Turning to commodity prices, Brent by 1.0%, and gold and copper by 0.9%. Platinum meanwhile edged up by 0.1

Non-residents were meagre net buyers of local equities (ZAR 86 million) and were meaningful net sellers of local bonds (-ZAR 755 million).