RAND CONTINUES TO WEAKEN AGAINST MAJOR CURRENCIES

The South African Rand has continued to weaken against a basket of major currencies as emerging markets react to the latest move by the United States Federal Reserve to hike its key rate by 25 basis points, for only the second time in ten years.

The South African currency was trading at 14.07 per US dollar Thursday, compared with Wednesday’s closing of 13.65 per USD.

The Rand had been weaken against the dollar as the greenback grew in strength. In early morning trade Thursday, the rand had lost already almost half a per cent against the dollar after losing 2.0 per cent overnight.

The local 10-year bond has also weakened contributing to the further weakening of the Rand.

Source: NAM NEWS NETWORK

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