The rand weakened steadily last week, showing that global factors often outweigh local positive news.
Rand hikes 80 cents against the dollar due to post-election marketsThe rand tracked steadily weaker this last week despite some positive domestic news, proving once again that global factors often trump local fundamentals. The week kicked off with the rand opening at R17.60 to the dollar, after having managed to gain back some ground in the latter half of the previous week after the post-election spike.
Thursday morning trade opened at R18.19/$, but again was soon under pressure as the rand spiked still higher, closing in on R18.40 by midday. This comes amid mixed signals locally from the mining sector, with Gold Production down 3.7% while Mining Production showed a 4.7% increase since last year. The rand seemed to finally find some strength to stop the rot as it pulled back to below R18.20 ahead of Powell’s speech before closing out around R18.23/$.
Several Springboks will be returning home from their UK tour following Rassie Erasmus recent announcement. Here’s the full list.
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