The rand is down nearly 2% this week
This morning, the rand
has fallen to new “14 year lows against the dollar,” says IOL
. It’s now trading at its lowest ever level to the pound.
This takes the rand’s losses against the greenback to nearly 2% this week, notes BDLive
Looking at the past month, the rand has weakened nearly 5% against the dollar, says MoneyWeb
. And it’s down “over 4% against the pound and the euro”.
The local currency is under pressure as concerns grow about the ebbing South African economy and the “prospects of imminent US policy tightening,” adds IOL
Earlier this week, the People’s Bank of China devalued its currency for three consecutive days
. This pushed the rand weaker along with other emerging market currencies.
Buoyant data out of the US points to a looming hike in interest rates
Today’s fresh bout of weakness comes after the US released retail sales data, reports BDLive
. This rose more than expected to “0.6% in July”. And the June retail sales data figure was also revised upwards.
Nedbank’s head of research, Mohammed Nalla, said the rand “looks predisposed to further weakness,” says MoneyWeb
. China’s move to weaken the yuan has led to a “lot of volatility”.
After the Chinese central bank announced yesterday that it wouldn’t let the yuan weaken further, many emerging market currencies strengthened, adds MoneyWeb
. But the rand has continued to slide.
At time of writing, the rand was trading at R12.86 to the dollar, R14.34 to the euro and R20.06 to the pound.
The rand continues to look vulnerable and it doesn’t look like this is going to change any time soon.
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