The rand has continued to weaken as the war on Iran sends oil above $100/barrel and rattles emerging markets.
Browsing: ETM Analytics
The rand has tumbled below R16.90/$ as investors dump risk assets amid the unfolding crisis in the Middle East.
The improving currency should help drive down prices for software and hardware, including computers and phones.
Shortly after 2pm, the currency was trading at R16.78/$, continuing a firming trend that started in April.
The rand rose in early trade on Monday, the start of a data-heavy week that includes the mid-term budget statement.
The rand posted strong gains on Friday, as traders pushed out expectations for interest rate cuts.
The rand plunged to a three-year low on Wednesday as fears grew of load shedding worsening during winter.
The rand slumped on Monday as investor concerns mounted over a power crisis that prompted President Cyril Ramaphosa to cancel a trip to Davos.
The rand fell on Monday, ahead of the US Federal Reserve and the Bank of England’s interest rate decisions.
Investors are betting on a South African rate increase as inflation expectations surge in the wake of a collapse in the rand. Forward-rate agreements starting in 12 months, used to speculate on policy moves, added 40 basis