Rand Report | Slowdown in Chinese production hurts the Rand

The Rand began trading at around 15.0657 to the British Pound last Monday and around 9.8665 against the US Dollar. The Rand strengthened against both currencies towards the middle of the week and then weakened again to close at 15.0304 to the Pound and 9.7864 to Dollar.

South African inflation unexpectedly slowed in June as the Rand rebounded from a four-year low. The inflation rate declined to 5.5 percent in June from 5.6 percent in May. The Reserve Bank held the repurchase rate at 5 percent for the sixth time in a meeting last week.

The South African Rand slid on Friday versus most major peers as

The Rand weakened against the US Dollar in early trade on Monday after the Reserve Bank data showed growth in credit extension to the private sector slowed again in June. The data backs the Reserve Banks case to consider another interest rate cut.

Looking ahead this week, there is a lot of month-on-month data to be released out of the US, Eurozone and SA and there is bound to be a lot of volatility in the market. With all the speculation surrounding the US Fed’s plans on rolling back monetary stimulus any and all data will be looked at with a great deal of interest.

GBP / ZAR: 15.1069

EUR / ZAR: 13.0288

USD / ZAR:   9.8070

NZD / ZAR:   7.9264

AUD / ZAR:  9.0704

Exchange rates as of 10:56, 29 July 2013

Composed by Dylan Goate 

:: Note: The above exchange rates are based on “interbank” rates. If you want to transfer money to or from South Africa then please register/login on our website, or call us for a live dealing rate. Make use of a Rate Notifier to send you alert when the South African exchange rate reaches levels you are looking for.

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