The rand strengthened 2% against the USD in early morning trade, as markets digest their exposure to the Turkish crisis.
Tukey remains firmly in the spotlight, with the question on everyone’s mind: ‘Is this the worst of the crisis, or a sign of trouble brewing in the global economy?’. The rand will likely bounce around 13.90/$ – 14.50/$ as it claws back into the 13.00/$ to 14.00/$ trading range.
The SARB announced that they will not take any action to support the rand, stating ‘rand moves don’t warrant Bank intervention’. Good luck out there, we’re no doubt in for another exciting day on the markets!
All rates quoted are the interbank rates at time of publishing and shown for indicative purposes only. It is important to note that foreign exchange rates fluctuate and that the rates will vary depending on the amount and product purchased and sold.