Rand sinks R11.2833 to the dollar

[scotty777]

wow! wtf is going on!

 

[PeterCH]

wow! wtf is going on!

R : $ is now: 11.3576

 

[Abe]

It depends when you catch it

 

[AirWolf]

Massive fluctuations in the Rand/Dollar exchange rate - dropped from ~R11.70 to ~R11.20 then back up again then back down and now at ~R11.30.

 

[ld13]

hierdie land is in sy moer in. If you can, you'd better leave soon before this place becomes anothe Zimbabwe

And you are basing that on what exactly? The seemingly weakening rand?

 

[milomak]

it's been a long while since i've seen such wide bid/offer spreads. the psychology of this market is sheer panic

 

[PeterCH]

OMW! 97.1209 Yen for one Dollar. The Japanese are really gonna get hit very hard.

 

[genetic]

We've just got to ride it out...

 

[lion_fish]

We've just got to ride it out...

I'm sure thats what the people in Zim said.......

 

[Ghost02]

I'm sure thats what the people in Zim said.......

+1

 

[hj2k_x]

$ = R 10.95
£ = R 17.18
€ = R 13.86
Oil = $ 60.42
Gold = $ 711.2
Last update:
24 Oct 2008 16:42:03

Talk about volatile.

 

[milomak]

I'm sure thats what the people in Zim said.......

except of course none of this is due to fundamental issues within south africa

 

[Jase]

Well at least it has dropped below the $11 mark .... for now

 

[Abe]

Talk about volatile.

Yep, the rand is range bound (10/$ -> 12/$)

 

[scotty777]

I can't rap my head around this, why is it that the rand is just so dam volatile??? I asked my friends and they just say it's because SA is linked to the US, and that no one want's our goods???

 

[AirWolf]

I can't rap my head around this, why is it that the rand is just so dam volatile??? I asked my friends and they just say it's because SA is linked to the US, and that no one want's our goods???

We are emerging market economy, and hence a riskier investment. When the financial excrement hits the fan, investors dump emerging market stocks and currencies and go back to the tried and tested ie $US. That's the reason the JSE posted heavy loses the past week and the rand took a beating (along with other emerging market economies).

That's the gist of the matter.

 

[scotty777]

We are emerging market economy, and hence a riskier investment. When the financial excrement hits the fan, investors dump emerging market stocks and currencies and go back to the tried and tested ie $US. That's the reason the JSE posted heavy loses the past week and the rand took a beating (along with other emerging market economies).

That's the gist of the matter.

so basically, we screwed until investors grow balls again and re-invest in us? which, with current world events, might take a long ass time

 

[AirWolf]

so basically, we screwed until investors grow balls again and re-invest in us? which, with current world events, might take a long ass time

Well yes. How long it takes is anyones guess. Investors with a stomach for risk will start buying in earlier than the more conservative ones for the mere fact that prices are really down at the moment ie. bargain buys.

 

[PeterCH]

Well yes. How long it takes is anyones guess. Investors with a stomach for risk will start buying in earlier than the more conservative ones for the mere fact that prices are really down at the moment ie. bargain buys.

May take 10 to 20 years. Of course the ANC becoming split, the ANC beating up the opposition and leftist policies from the SACP and Cosatu plus reckless SA govt spending on its own gravy train will do little to boost confidence.

 

[Moederloos]

for those that think the Rand is alone:
http://www.businessday.co.za/articles/topstories.aspx?ID=BD4A871501