The rand is under the whip — again
Forecasting the volatile currency is probably best left to fortune tellers, but experts take their best punt, proving that with the rand just about anything is possible
The rand is being bashed again, but unlike at the end of May — when it weakened within a whisker of R20/$ on acute load-shedding, persistent inflation and South Africa’s diplomatic fallout with the US — this time it’s hostage to concerns about global growth.
Markets have been perplexed by the currency’s rapid change in direction. It strengthened to about R18.70/$ after the failure of the US Federal Reserve to hike rates at its September federal open market committee meeting, but by midweek had slid to R19.27/$, before recovering to R18.90/$ in the past few days. ..
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