Rand exchange rate - what's going on?

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Anony-mousse

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Why is the Rand suddenly weakening so badly? US$ from 7 to almost 8 within the last 3 weeks. Same with GBP and EUR.

I can't find any sources of analysts talking about the Rand.
 
Graph

Yep, scary. I'm not qualified to even give an opinion, but with all the stuff going on in EU and USA I wonder who really knows whats going on.
 
A couple of investor friends gave me a tip to go long on the dollar yesterday. Not sure what their sources are but someone knows something.
 
Yeah wtf? Did I miss something? The world is still a mess, what has changed?
 
biometrics said:
Yeah wtf? Did I miss something? The world is still a mess, what has changed?
Click to expand...

Arthur must know i was chatting to him today in the pc thread and he reckons by december the rand will be weaker than it is now.

Arthur where art thou, what ya know? :p
 
Being in the import business it makes me very nervous if that happens without me understanding why and how. It's not that I could change it but seeing that the current US$ rate makes one average import about R50.000 more expensive... makes me :sick:
 
I issued a quote just over a month back at R1.1m and today it was redone at R1.255m ... Over R150k because they decided to wait a few weeks
 
Dolby said:
I issued a quote just over a month back at R1.1m and today it was redone at R1.255m ... Over R150k because they decided to wait a few weeks
Click to expand...

Same here, my customer is so disappointed (not in me, in the world;)), that he decided against the purchase, for now that is.

From 649k to 699k within 3 weeks, thats ridonkulous. I demand correction! :p
 
biometrics said:
Yeah wtf? Did I miss something? The world is still a mess, what has changed?
Click to expand...

Actually you must be happy that the world is still in a mess,otherwise . . . Obviously,your country (presumably South Africa), is in a even bigger mess. The fact that the locals don't know "why", only highlights the level of disinformation spewed by the government and media in South Africa. They are quick to point out the mess in the western world yet they fail to inform their own citizens whats going on at home. In South Africa corruption rules! Therefore, never believe anything the government says - until it is officially denied :D
 
Well, we are exporters, and while i feel for the importers, we have taken a hammering over the last year with the rand being so strong. This is some very much needed relief for exporters! We sell in pounds so the difference between a container in June to today is in excess of 50k!!
 
stevengzn said:
Well, we are exporters, and while i feel for the importers, we have taken a hammering over the last year with the rand being so strong. This is some very much needed relief for exporters! We sell in pounds so the difference between a container in June to today is in excess of 50k!!
Click to expand...

yeah well its not as if the price of locally produced products is going to go down, so... f*** the exporters as far as i'm concerned
 
if I were to hazard a guess I would think there is a lot of panic buying by importers because of the steep drop in the rand. This is compounded by exporters that are holding back bringing dollars into the country because theyare waiting to see how much further the rand will fall.

So yeah thats my analysis.

Sent from my GT-I9100
 
Well on the plus size hopefully it will make our tourism industry more attractive to overseas visitors. Its taken a hammering since the World Cup. For a room I used to pay R1200 a night for a year ago I was quoted R350 a night last week.

The mines and unions must be smiling like idiots.
 
Johannesburg - The rand extended losses against the dollar on Wednesday, tumbling 1.8% to 15-month lows in line with other emerging markets whose currencies were sold off due to persistent anxiety over the eurozone debt crisis.

The rand was trading at R7.86/$ in early afternoon trade, 1.54% weaker than Tuesday's New York close of R7.74/$. It fell to R7.882/$ earlier in the day, its weakest since June 7 2010.

Data showed inflation was steady in August, leaving room for an interest rate cut over the next few months, which added to the rand's woes. Other data showed retail sales growth quickened to 2.8% year-on-year in July, a figure seen by analysts as sluggish.
Click to expand...

http://www.fin24.com/Markets/Currencies/Rand-hits-15-month-low-against-dollar-20110921
 
My desktop gadget says the 1 USD is R8.21 now. So it weakened another 25c since yesterday afternoon.
It is almost time to pay for a new consignment, and I will have to fork out around R20k more than I would had I transferred the funds this time last month.

What will the x rate do in the next few weeks? weaken much more or strengthen again or stabilize ?
 
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