Rand hits R17.03 against US dollar

Jamie McKane

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Rand hits R17.03 against US dollar

South Africa’s rand breached its weakest closing level on record on Wednesday as investors priced in the probability of a central-bank rate cut amid the global risk sell-off.

The currency of Africa’s most-industrialized country weakened as much as 2.5% to 17.0396 per dollar, surpassing the 16.8717 closing level of January 18, 2016.

[Bloomberg]
 

Lupus

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At least the oil price is down to 29 dollars a barrel, that still gives us a R200 savings on oil per barrel compared to what it was a month ago, would've been a R270 saving but oh well.
 
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Zophos

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Recently sold the house in SA. Money stuck there for now. FML
 

krycor

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Hey.. doomsayers may see the R20/1$ value.. of course it might be short lived given that $1 isnt what it use to be
 
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Fulcrum29

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Thank you Hysteria!

Welcome Depression 2020!
Some things considered some entities in SA may emerge stronger. The lingering question is still whether the central bank will rate cut and by how much it will cut tomorrow, and then there is the question whether the monetary policy easing with the radical policies will or is required to boost the economy.

I tend not to look at the situation as I in November decided to 'change' my own business strategy to expand, and there has been reluctance since to support my initiative due to the circumstances we are in. Confidence is dismal, radical policy by force and now COVID-19... if there is a 'positive' recovery from all of this, then there may be emergence but it is a doubtful case.
 
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Pitbull

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Some things considered some entities in SA may emerge stronger. The lingering question is still whether the central bank will rate cut and by how much it will cut tomorrow, and then there is the question whether the monetary policy easing with the radical policies will or is required to boost the economy.

I tend not to look at the situation as I in November decided to 'change' my own business strategy to expand, and there has been reluctance since to support my initiative due to the circumstances we are in. Confidence is dismal, radical policy by force and now COVID-19... if there is a 'positive' recovery from all of this, then there may be emergence but it is a doubtful case.
I'm convinced we will get out bigger and stronger.

We have the drive to bounce back stronger. We would have avoided a depression, but with this Covid-19 hysteria, our economy is going to get rekt bad! But in a year or two we'll be way better off. We need the pain before the gain.
 

JayM

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Some things considered some entities in SA may emerge stronger. The lingering question is still whether the central bank will rate cut and by how much it will cut tomorrow, and then there is the question whether the monetary policy easing with the radical policies will or is required to boost the economy.
The problem for this country is that there are no reserves in the tank. Everything was squandered (and stolen) after the good years. 10Y bond yields are now almost 12% (!!). My domestic worker can borrow money more cheaply than the SA government. We can barely roll over debt, let alone stimulate the economy. Combine this with the ratings downgrade, NHI, EWC and there is no light at the end of the tunnel. After COVID-19 when the rest of the world is recovering, we'll still be on decline.
 

Fulcrum29

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I'm convinced we will get out bigger and stronger.

We have the drive to bounce back stronger. We would have avoided a depression, but with this Covid-19 hysteria, our economy is going to get rekt bad! But in a year or two we'll be way better off. We need the pain before the gain.
All I know is the governing party must ease some policies, a lot of that to be recovered will be through private enterprising and there needs to be lenience in order for realising goals withing smaller timeframes than pushing through the preferential route.
 

Gtx Gaming

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1584535908107.png

People are buying dollars like its going out of fashion and FED is printing more than ever before!
 

McT

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...and the JSE is a further 6.2% down (currently).

DJ Futures is -4.00% and our position is like to remain deep in the red.
 
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