The rand touched 14.75/$ yesterday after facing a barrage of negative news.
Turkey announced retaliatory tariffs against the US, Moody’s released a damning report on the state of SA’s economy (as did the SARB), ANC Chair Gwede Mantashe added fuel to investor fears surrounding property rights, SA’s retail sales for June hinted at a risk of recession and Africa’s largest company Naspers saw their share price plunge.
The rand has recovered some lost ground this morning, but further gains won’t come easily. On a positive note, SA looks set to conclude a deal with auto manufacturers in a boost for exports. We’ll be keeping a close eye on Turkey and trade wars again today, enjoy.
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.
* Gareth Frye