The Rand weakened against the Dollar on Thursday, closing at USD-ZAR 10.77, compared with Wednesday’s close of USD-ZAR 10.70.
Rand weakness occurred during a period of Dollar strength against most of the major crosses, which was likely caused, in part, by dovish comments from ECB President Mario Draghi. The Rand depreciated alongside a mostly weak performance from the commodity and EM currencies we monitor for the purposes of this report.
The Rand weakened against all the major crosses, with the biggest move seen against the Dollar (-0.6%). All but one of the EM currencies we monitor – namely the INR – depreciated yesterday.
The Rand was the second-worst-performing currency in both the EM and commodity currency categories, beaten by the BRL and AUD respectively.