The Rand weakened against the US Dollar yesterday, closing at USD-ZAR 10.65, compared with Wednesday’s close of USD-ZAR 10.61.
The Rand weakened against the US Dollar yesterday, closing at USD-ZAR 10.65, compared with Wednesday’s close of USD-ZAR 10.61. The Rand depreciated into a mixed performance from the Dollar against the major crosses and a mixed to stronger performance from commodity currencies, but was consistent with a moderate decline in global risk appetite and thus a weaker performance from most EM currencies.
The Dollar weakened against the Pound and the Yen, while strengthening against the Euro.
The Rand depreciated against all of the major crosses, with the biggest move seen against the Yen (-0.5%).
The ZAR was the only commodity currency among those we monitor that depreciated yesterday. All but one of the EM currencies we monitor depreciated on the day; the exception was the BRL.
The Rand was the third-worst performing EM currency (beating only the HUF and the RUB).
Turning to commodity prices, gold and platinum rose by 0.6% and 0.4%, respectively. Copper and Brent meanwhile fell by 1.4% and 0.3%, respectively.
Non-residents were meaningful net buyers of local equities (ZAR 754 million) but were mild net sellers of local bonds (-ZAR 119 million).