The Rand performed poorly among the commodity currencies
The Rand heads for drop despite increasing against the dollar last week
The GBP rallied against major currencies as investors took early results as showing Scottish voters had rejected independence from UK. Initial reports suggest that Scotland has voted 55% in favour of staying in the union and 45% backing independence.
The last week of July saw the Rand weakening against all major currencies. Global political turmoil, coupled with the strong economic performance from the large economies worldwide put the Rand on the back foot, with institutional investors pulling funds from emerging markets.
The South African Rand was the top gainer this week among emerging-market currencies, as it caught up with gains seen in other asset classes earlier in the week. The Rand started the week at 9.98 to the US Dollar and 15.08 to the British pound, coming to rest at 9.86 and 15.06 respectively.