The student protests which swept across the country was trending worldwide on Twitter as police fired stun grenades at students who had made their way onto Parliament's precinct on Wednesday. #NationalShutDown was number eight on the list of worldwide trends. Universities across the country protested against the proposed tuition fee increases for 2016. Protesting University of Cape Town and Cape Peninsula University of Technology students pushed their way into the Parliamentary … [Read more...] about Rand falls nearly 2% on back of #NationalShutDown
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Rand taking a Pummelling
The rand was weaker on Thursday afternoon‚ as the euro softened against the dollar‚ heading towards what could be its worst level on record. Disregarding last week's abnormal spike to R14.07/$ in Asian trade‚ the worst official level of the rand is R13.84/$‚ recorded in December 2001. US jobs data and the European Central Bank decision to keep rates on hold had little effect on the rand on the day‚ as the data were largely as expected. However‚ the dollar strengthened in response as … [Read more...] about Rand taking a Pummelling
SARB could step in to stem rand’s fall
The South African Reserve Bank (Sarb) said late on Monday it may consider becoming involved in foreign exchange markets to ensure orderly price action. The bank said it had maintained over many years its position of not intervening in the foreign exchange market. "This position, however, does not suggest that the Sarb is completely indifferent to exchange rate movements," it said in a statement. It said threats to the "orderly functioning of markets or (developments) that may have … [Read more...] about SARB could step in to stem rand’s fall
Why the rand is battling
There's blood in the markets and emerging markets are the worst affected, say the analysts at Overberg Asset Management. Brett Birkenstock and Kirk Swart provide five reasons for the rand's weakness: Negative sentiment towards emerging markets: Global investors have taken a risk off approach with devastating effects for emerging market currencies and stocks alike. The ZAR and JSE have not been excluded. Run to safe haven assets: A return to bonds, gold and hard currencies such as the US … [Read more...] about Why the rand is battling
Reserve Bank unlikely to intervene to stabilise rand
While the rand is expected to remain volatile, the Reserve Bank is unlikely to intervene in the market to try to stabilise the currency, says Governor Gill Marcus. Speaking at the European Economic and Financial Centre in London on Tuesday, the governor said the currency has followed a volatile trend and that this trend is expected to continue. "While the exchange rate has been an important shock absorber for the South African economy, some concern has been expressed regarding its … [Read more...] about Reserve Bank unlikely to intervene to stabilise rand
Quick – Time to Move Money Offshore
One of our venerable Weekend Newspapers reported this morning that £97 Million was the equivalent of R1.2 Million. I don't know what happened in between last night and this morning but with one Rand equal to 80.83 Pounds I know what I am gonna do. I am packing as we speak - I reckon that once my house is sold I will be able to live like a KING in England. Whilst the Longhair and I wait for that money to come through we have managed to scrounge the equivalent of a million pounds together and … [Read more...] about Quick – Time to Move Money Offshore
Authorities to keep eye on Rand
While the rand's volatility is good for some sectors of the economy, it has inflationary impact on others, says Finance Minister Pravin Gordhan. Since 1 May 2011 the rand has fluctuated against the dollar from a low of R6.5610 (on 1 May) to a maximum of R8.4474 (on 22 September) with an average rate of R6.9470. the trend from August 2011 is one that indicates that the Rand is steadily losing against the dollar. (Click here to learn how to take advantage of the forex market courtesy of a Port … [Read more...] about Authorities to keep eye on Rand
