The rand shot down to 13.94/$ yesterday afternoon but was back above 14.05/$ five minutes later.
News that SA’s land expropriation bill had been withdrawn by parliament sparked the move, but clearly did not sway investors. UK Prime Minister Theresa May pledged to increase investment in SA but her agreement with fair and transparent land reforms in SA cancelled out the good news.
Emerging-market currencies are again on the back foot so expect rand volatility in today’s trade. US GDP released at 14h30 today is not to be missed; investors will be looking at this number to decipher the US Fed’s next move. Enjoy the day!
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.