The rand hit a new record low on Thursday afternoon
The rand hit a new record low on Thursday afternoon
This after the monetary policy committee signalled that it may have reached the end of its hiking cycle.
The local currency was trading at R19.7694/$ – its worst level ever.
The local currency was trading at R19.7694/$ – its worst level ever.
Less than a year ago, it was trading below R15.30.
Less than a year ago, it was trading below R15.30.
The rand was also trading at R24.20 to the pound and R21.01 to the euro.The repo rate hike of 50 basis points to 8.25% was largely expected.This recent depreciation in the rand highlights the profound challenges facing South Africa’s economy
The rand was also trading at R24.20 to the pound and R21.01 to the euro.The repo rate hike of 50 basis points to 8.25% was largely expected.This recent depreciation in the rand highlights the profound challenges facing South Africa’s economy