Rand has lost 6.5% this week

06 September 2018 | Ekonomie
The rand fell by almost 2% yesterday morning to crash through the R15.50/US$ level.

At 10:15 the local currency was changing hands at R15.62/US$, down 1.85% on the day. By lunchtime, the exchange rate was R15.54 per greenback.

This comes after poor GDP data on Tuesday confirmed that South Africa was in a technical recession. The local currency opened the week's trade at R14.67/US$.

"While the rand has been under pressure with the EM crisis currently in the market, the release of the second quarter GDP number only increased the negative sentiment on the rand," said Andre Botha, of TreasuryONE in a statement.

In three days it has lost about 6.5%, making it one of the worst performing emerging market currencies so far this week.

Bloomberg reports the rout in emerging markets showed no sign of letting up, with most currencies weakening and an index of stocks heading toward a bear market.

South African bonds led the sell-off in fixed income as the rand weakened to its lowest level in more than two years.

Adam Phillips, a Treasury Specialist at Umkhulu Consulting, said in an earlier morning note that the rand could fall as low as R15.75 the greenback.

"In terms of the ZAR (along with other emerging market currencies) it is a case of waiting to hear the next negative news," he said. – Fin24/Bloomberg

Soortgelyk

 

Mariental-monster kry 105 jaar

5 ure gelede | Howe

Hoërhof-regter Christie Liebenberg het die 34-jarige Gerald Henly Matlata vanoggend lewenslange tronkstraf opgelê vir moord, asook 80 jaar vir bykomende klagte. Dit sluit in twee...

Tienermeisie vermis

6 ure gelede | Polisie

Die 14-jarige Niita Fillemon word sedert verlede Woensdag vermis. Niita was met haar verdwyning in 'n swart broek en 'n geel t-hemp geklee. Sy is...

Nóg toeriste op grondpaaie beroof

7 ure gelede | Misdaad

Twee toeriste is Sondag onderweg na Sossusvlei deur ‘n groep mans van die pad afgedwing. Volgens hoofinspekteur Daniel Gurirab van die Namibiese polisie in...

Net ál nouer om Rooies

17 ure gelede | Plaaslik

Denver Kisting - ’n Maand nadat Republikein onthul het die aanklaer-generaal het gelas die oudlanddros mnr. Rooies Mostert moet vervolg word, het die Teenkorrupsiekommissie (ACC)...

Brand verwoes 9 kamers op Koedoeberg

17 ure gelede | Ongelukke

Henriette Lamprecht – Die Koedoeberg-gasteplaas se hoofgebou en wat onder meer die ontvangsarea, kombuis, kroeg en lapa gehuisves het, is Woensdagaand in ’n brand verwoes....

Weer vir 18 September 2018

17 ure gelede | Weer

WEERWAAK: Hittegolftoestande word in die noordelike streke verwag.BINNELAND: Gedeeltelik bewolk en baie warm in die Suide. Elders sal dit sonnig en baie warm wees,...

Ma en seun vandag weer voor hof

17 ure gelede | Howe

Denver Kisting'n Tienerseun is gistermiddag in die sorg van sy ma vrygelaat.Dít kom nadat dié 45-jarige ma gister op borgtog van N$1 500 vrygelaat is.Ma...

Man van halfmiljoen se items beroof

17 ure gelede | Misdaad

Tanja Bause Vyf gewapende mans het 'n man by sy huis in die hoofstad beroof en met items ter waarde van 'n halfmiljoen Namibiese dollar...

Walvis vrek ná reddingspoging

17 ure gelede | Omgewing

Tanja Bause - ’n Gestrande jong Antarktiese minkewalvis (Balaenoptera bonaerensis) is verlede Woensdag in Grosse Bucht by Lüderitz ontdek.Dié voorval is by mnr. JP Roux,...