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Sign up with GoogleThe ZAR Exchange Rate Thread
- Thread starter Robin Hood
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Turned just south of R10.30 a little while ago.
There is a clear support level building just above the R10.00 level so I doubt whether it will easily go below it unless there is some drastic action being taken in regards to the current state of affairs i.e the strikes etc...
There is a clear support level building just above the R10.00 level so I doubt whether it will easily go below it unless there is some drastic action being taken in regards to the current state of affairs i.e the strikes etc...
Looking at the R10.30 level currently....
We should have a nice run towards R11.00 if the R10.30 and R10.60 levels fall... Doubt whether we will see to much beyond that. Many speculators currently driving this market and they are bound to start taking profits soon which will get us back towards the R10.00 area if not a bit below it early next week.
We should have a nice run towards R11.00 if the R10.30 and R10.60 levels fall... Doubt whether we will see to much beyond that. Many speculators currently driving this market and they are bound to start taking profits soon which will get us back towards the R10.00 area if not a bit below it early next week.
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Because you just started a new one?
I never knew about this, i just saw constant threads. I knew if there was one the mods would put my post there and delete the new one thus bringing the old one back into the first page
10.30 has come and gone. We're now at 10.40 and dropping ...
ToxicBunny
Oi! Leave me out of this...
- Joined
- Apr 8, 2006
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- 113,504
Nuck fuggets.
Lets see what drivel Jacob or the ANC comes up with to try explain this.
Lets see what drivel Jacob or the ANC comes up with to try explain this.
Where did that come from?
Other sources say about 10.17 http://www.oanda.com/currency/live-exchange-rates/USDZAR/
It's the Rand Sell Rate currently quoted by FNB at 11h36 today for TTs under R50K - what most people here would get when using Rand to buy stuff in USD.
Edit: FNB at 11h36 today
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OK my bad.
RaptorSA
Executive Member
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- Sep 2, 2008
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- 5,553
Ja, maybe if they took each and every business owner out onto the street and shot them in the back of the head... you know, like we should do to every ANC ****er in Government.
LazyLion
King of de Jungle
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- Mar 17, 2005
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- 105,603
Weakening Rand a Blow to Textiles
The sharp drop in the value of the rand could negatively affect the clothing industry, the Cape Chamber of Commerce warned on Friday.
"In the Western Cape, the clothing industry will have to pay more for imported textiles, and as 80 percent of the fabric used by local manufacturers is imported, the industry could be hurt," said chamber director Viola Manuel.
"On top of that, there is a 22 percent duty on imported fabrics. This adds up to the threat to jobs."
On Thursday, the rand fell to around R10 against the US dollar a few hours after President Jacob Zuma tried to assure the nation and investors that government was dealing with the instability in the mining sector.
The rand was at its lowest level in four years.
By Friday afternoon, it was hovering around R10.15 to the US dollar.
Manuel said the sudden depreciation should be seen as a strong negative comment on the management of the country.
"It is clear that the world has not been impressed by the instability in industrial relations and some of the recent decisions on matters such as electricity and toll roads, as well as the scandals that have come to light."
She said it was a tragedy this came at a time when Africa was poised for years of growth, driven by a boom in natural resources, particularly oil and gas.
"The sudden depreciation of the rand would create many problems for business. Some exporting industries would benefit, but others which rely on imports would be hurt," she said.
Manuel said government would have to review a whole range of decisions and rule out the purchase of "unnecessary" luxury aircraft.
Source : Sapa /je/hdw/dd/rod
Date : 31 May 2013 15:07
The sharp drop in the value of the rand could negatively affect the clothing industry, the Cape Chamber of Commerce warned on Friday.
"In the Western Cape, the clothing industry will have to pay more for imported textiles, and as 80 percent of the fabric used by local manufacturers is imported, the industry could be hurt," said chamber director Viola Manuel.
"On top of that, there is a 22 percent duty on imported fabrics. This adds up to the threat to jobs."
On Thursday, the rand fell to around R10 against the US dollar a few hours after President Jacob Zuma tried to assure the nation and investors that government was dealing with the instability in the mining sector.
The rand was at its lowest level in four years.
By Friday afternoon, it was hovering around R10.15 to the US dollar.
Manuel said the sudden depreciation should be seen as a strong negative comment on the management of the country.
"It is clear that the world has not been impressed by the instability in industrial relations and some of the recent decisions on matters such as electricity and toll roads, as well as the scandals that have come to light."
She said it was a tragedy this came at a time when Africa was poised for years of growth, driven by a boom in natural resources, particularly oil and gas.
"The sudden depreciation of the rand would create many problems for business. Some exporting industries would benefit, but others which rely on imports would be hurt," she said.
Manuel said government would have to review a whole range of decisions and rule out the purchase of "unnecessary" luxury aircraft.
Source : Sapa /je/hdw/dd/rod
Date : 31 May 2013 15:07
Seriously
Honorary Master
- Joined
- Nov 29, 2012
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- 16,596
There is a lot more wastage in money spending that should be ruled out idiot and not only because of the rand woes. You and the rest of the ANC gang are the main reason for the exchange rate failures!
LazyLion
King of de Jungle
- Joined
- Mar 17, 2005
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- 105,603
Zuma Rand link unfounded: ANC
Reports linking an address by President Jacob Zuma to the weakening of the rand were "unfounded", the ANC said on Friday.
"Suggestions in the media linking the president's speech to the news of the weakening rand are scientifically unfounded," the office of African National Congress chief whip Moloto Mothapo said in a statement.
"The president's bold intervention to address economic challenges cannot be the reason for the decline of the rand."
On Thursday, the rand fell to around R10 against the US dollar a few hours after Zuma sought to assure the nation and investors that government was dealing with the instability in the mining sector. This was lowest level it had been in four years.
Mothapo's office said the mining industry welcomed the call by Zuma to work with government and labour, as well as the importance of his briefing.
The office also welcomed Zuma's "frank reflections" on the state of the South African economy, and said the country had done well on the economic front since the first democratic elections in 1994.
Zuma said on Thursday that South Africa needed a stable mining industry in order to increase its economic growth.
"Our country needs a stable and growing mining industry. Mining has been a key feature of this country's economy for more than 130 years," Zuma told reporters at the Union Buildings in Pretoria.
Mining accounted for six percent of the country's gross domestic product (GDP) and generated 60 percent of South Africa's export revenue, he said.
Zuma said the mining sector had been negatively affected by the depressed global economic growth, especially in Europe.
"The global recession has led to substantial declines in commodity prices and in the demand for our minerals abroad," he said.
"And when our mining sector is in difficulties, this affects the wider economy, leading to industrial slowdown."
Zuma said 2012 was a difficult year for the mining sector, with the deaths of more than 40 people during a strike in Marikana, in the North West.
However, government had acted to address labour relations in the mining sector.
The Democratic Alliance criticised Zuma's address, saying it had been a missed opportunity.
DA MP Lindiwe Mazibuko said Zuma should have spoken decisively about the problems facing the economy.
"But instead of a plan of action on how to address our economic growth collapse to just 0.9 percent in the first quarter, we received only more of the vague reassurances which have characterised his term in office," said Mazibuko.
Source : Sapa /aa/pd/hdw/dd/rod
Date : 31 May 2013 16:00
Reports linking an address by President Jacob Zuma to the weakening of the rand were "unfounded", the ANC said on Friday.
"Suggestions in the media linking the president's speech to the news of the weakening rand are scientifically unfounded," the office of African National Congress chief whip Moloto Mothapo said in a statement.
"The president's bold intervention to address economic challenges cannot be the reason for the decline of the rand."
On Thursday, the rand fell to around R10 against the US dollar a few hours after Zuma sought to assure the nation and investors that government was dealing with the instability in the mining sector. This was lowest level it had been in four years.
Mothapo's office said the mining industry welcomed the call by Zuma to work with government and labour, as well as the importance of his briefing.
The office also welcomed Zuma's "frank reflections" on the state of the South African economy, and said the country had done well on the economic front since the first democratic elections in 1994.
Zuma said on Thursday that South Africa needed a stable mining industry in order to increase its economic growth.
"Our country needs a stable and growing mining industry. Mining has been a key feature of this country's economy for more than 130 years," Zuma told reporters at the Union Buildings in Pretoria.
Mining accounted for six percent of the country's gross domestic product (GDP) and generated 60 percent of South Africa's export revenue, he said.
Zuma said the mining sector had been negatively affected by the depressed global economic growth, especially in Europe.
"The global recession has led to substantial declines in commodity prices and in the demand for our minerals abroad," he said.
"And when our mining sector is in difficulties, this affects the wider economy, leading to industrial slowdown."
Zuma said 2012 was a difficult year for the mining sector, with the deaths of more than 40 people during a strike in Marikana, in the North West.
However, government had acted to address labour relations in the mining sector.
The Democratic Alliance criticised Zuma's address, saying it had been a missed opportunity.
DA MP Lindiwe Mazibuko said Zuma should have spoken decisively about the problems facing the economy.
"But instead of a plan of action on how to address our economic growth collapse to just 0.9 percent in the first quarter, we received only more of the vague reassurances which have characterised his term in office," said Mazibuko.
Source : Sapa /aa/pd/hdw/dd/rod
Date : 31 May 2013 16:00
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