Our currency is now trading at less than R1 : $12, and there’s a few explanations why…
Heading towards R14 to the dollar.
The big talking point of the last week was the devaluation of the China’s currency. The Rand dropped to its lowest level (R12.7250) in 14 years to the Dollar on Tuesday and Wednesday. This decline, along with fellow emerging market units, followed China’s decision to devalue its currency to support a stuttering economy and boost exports. The USD strengthened on the back of this devaluation.
The South African Rand has broken barriers unseen in recent years as it reached R18.50 to the British Pound last week. While the currency has taken a significant beating since May last year, when the US Federal Reserve first announced plans to taper its quantitative easing programme, last week’s woes can be attributed to renewed […]
Fitch Ratings, one of the world’s largest credit ratings agencies, kept South Africa’s rating steady this week despite ongoing concern about the economy’s failure to grow – and, in particular, to grow in a way that creates jobs