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Rand falls to 4-month low against dollar

May 01 2018 22:29
Jan Cronje

Cape Town - As South Africans celebrated Workers' Day on Tuesday, the rand fell to its lowest level yet under a Cyril Ramaphosa Presidency. 

At 22:10, the rand was trading at R12.67/$, down 1.72% on the day. It had opened at R12.45 to the dollar. The last time the local currency traded at this level was in mid-December 2017. 

The fall in the rand was caused mainly by dollar strength.

"The dollar soared to an almost 4-month high as the markets anticipate a hawkish [Federal Reserve Meeting], driving gold prices and emerging markets lower," said Peregrine Treasury Solutions in an afternoon note. 

The dollar index, which tracks the dollar's relative strength against a basket of currencies, was at 92.476 at 22:10, up 0.7%. This is near its highest level yet in 2018. 

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rand  |  sa economy  |  markets  |  currencies


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