Rand Regains by 2.5% against the Dollar
The South African Rand has regained by 2.5% in the early hours today. The Rand managed to pull back into a better position amid a major drop back on Monday. The major come back reflected an improvement in the global market after a drop in Turkey currency Lira.
Before the Rand regained, the currency hit the lowest level. It was trading as lower as R 15.41/$ for the first time in two years. Something that had triggered inflation worries in Mzansi.
“While the rand is usually one of the worst-hit currencies in such periods of risk, its weakness still seems out of line with those of other emerging-markets risk currencies,” said John Cairns and Kim Silberman in an email to clients on Monday.
Despite the regaining by a certain percentage, the rand is still weaker from a week ago. Consumers and investors are less likely to be pleased by high fuel prices.
The Reserve Bank Perspectives on the Rand
A report from Bloomberg highlighted that the South African Reserve Bank has no power to support the Rand on its upward trend. Meanwhile, SARB has been monitoring the currency’s current situation. The Reserve Bank Governor Daniel Mminele cited on Bloomberg that the market forces determine the exchange rate and the fluctuation of the currency is beyond their control.
According to the World Bank and International Monetary Fund, the currency weakness in South Africa has enabled weakened consumer prices. This has led to the skyrocketing of the consumer prices in South Africa.
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