Rand may test sustained break above R15/$ - analysts | Fin24
  • Covid-19 Money Hub

    The hub will help answer your business and money questions during the coronavirus crisis.

  • Coronavirus Funding

    Could a R100 billion social impact bond help fund SA's Covid-19 interventions?

  • Money Clinic

    I have invested R1m to be paid out monthly, I have not received any during Covid-19. What can I do?


Rand may test sustained break above R15/$ - analysts

Feb 03 2020 09:06

The rand started the new week just below the R15.00/$ mark, following a "dreadful day" for the local currency on Friday.

Bianca Botes of Peregrine Treasury Solutions, in a morning note, said the rand may test a sustained break above the R15:00/$ level this week. 

By 08:40 the local unit had strengthened slightly to trade at R14.96/$.

As Sanisha Packirisamy, an economist at Momentum Investments, noted on Monday morning, a dent in global risk appetite caused by the coronavirus left the rand the worst performing currency against the dollar in January. The local currency weakened by 6.7% against the greenback in the first month of the year, by 5.8% against the euro and by 6.3% against the pound. 

"Virus fears have rattled markets, sending flows in the direction of safe haven assets, leaving riskier assets on the back foot," she said. 

south africa  |  rand  |  currency  |  markets


Company Snapshot

Voting Booth

How has Covid-19 impacted your financial position?

Previous results · Suggest a vote