The Rand is taking a battering on the global stage, and it’s recent display against the US Dollar has been pitiful – so what’s gone wrong?
The South African rand had a tough round in the forex markets last week. Most emerging-market currencies ended the week in the red.
The rand had a mixed performance last week. The temporary slowdown of loadshedding, allowed it to marginally recover from its recent lows.
Last week, the South African rand had a mixed week as it strengthened against 13 of the top 19 currencies we monitor.
The rand experienced some significant fluctuation last week, as the market flipped back-and-forth on global sentiment.
Last week, the South African rand had a tough trading week as it weakened against 17 of the 19 currencies we monitor.
Last week, the South African rand initially weakened but ended in the green and strengthened against 16 of the 19 currencies we monitor.
The South African rand had a terrible week last week, and lost value against all the currencies we monitor.
The South African rand had a stellar week last week, as it appreciated against all the currencies we monitor.
Last week, the rand performed incredibly well due to the South African interest rates which increased unexpectedly.
Last week, the USD/ZAR pair moved 1.19% higher. The rand opened at R16.87, tested R17.30 and closed at R17.06 on Friday.
This week, due to the recent central bank activity, the ZAR ended in the red again against all major developed-market rivals.
After a few weeks of bullish sentiments, the South African Rand has lost its forward momentum. The recent US inflation data affected the ZAR.
The South African Rand ended last week in the green. Unemployment rates for Q1 of 2022 were also released and sit at 34.5%.
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The South African rand had a mixed week. It benefitted from positive outlook ratings by the S&P but the USD/ZAR pair lost 1.67% of its value.
The SARB announced that they will be raising the interest rates to 4.75%, which resulted in the rand strengthening across the board.
The Rand is a very durable currency, but even ZAR hasn’t been able to survive this onslaught of recent setbacks…
The rand experienced a tremendous pullback during the trading rounds of last week.