In partnership with
  • Terry Bell's Inside Labour

    The PIC, which holds nearly R2trn of workers’ pension funds, needs to come clean or face legal action.

  • Ian Mann's book review

    Both giants and SMEs need to be prepared for the 15 disruptive forces that are driving change.

  • Redeem yourself, Gerrie!

    In joining AfriForum, Gerrie Nel has moved out of the reputational frying pan into the fire, says Solly Moeng.

Loading...

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. 


* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest. 24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

rand  |  sa economy  |  markets  |  currencies
NEXT ON FIN24X

 
 
 
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Have you considered your options for retirement?

Previous results · Suggest a vote

Loading...