The ZAR Exchange Rate Thread

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$ = R 7.87
£ = R 15.26
€ = R 11.53
Gold = $ 920.08
Oil = $ 97.17
Last update 20-Feb-2008 16:30:00

he rand fell by over three percent to a 16-month low against the dollar on Wednesday on a combination of negative factors, not least certain aspects of Finance Minister Trevor Manuel's Budget speech.

The rand fell to 7.9225 against the greenback in late trade with traders predicting the local currency could break above the eight rand per dollar level overnight.

By 4.05pm the rand was bid at 7.8813 to the dollar from its previous close of 7.6625.

It was bid at 11.5346 to the euro from a previous 11.2959 and at 15.2790 against sterling from 14.9544 before.

The euro was bid at $1.4633 from $1.4728 overnight, while gold was quoted at $917.15 a troy ounce from its previous close of $927.55.

Traders said the rand's fall could be attributed in part to concerns over how the government plans to finance a widening current account deficit as well as where it plans to find the R60-billion it needs to provide to beleaguered electricity utility Eskom over the next five years.

Standard Chartered Bank regiuonal head of research Razia Khan said that while no-one could claim to be surprised by the projections for the current account deficit — staying high this year, and widening further the next — "the key is of course going to the financing of the deficit, and in this respect, the international environment and global risk appetite matter".

"That may be the most plausible explanation yet for a less than positive FX market reaction to the Budget," she added.

Analysts said that Manuel's lifting of exchange controls on institutional investors, replacing them with a system of prudential regulation, had also come as something as a surprise, negatively affecting the rand.

Other factors militating against the local currency on Wednesday including the euro taking a whack and the fact that most emerging market currencies were also under pressure.

"(Emerging market currencies are) taking a hit and nowhere is that more evident than with USD/ZAR, as the interim rally phase is back on track. With the break above 7.87 high, the stage is set for a continuation of this rally into and through the 7.97/8.00 resistance zone. Near term dips should be used as buying opportunities now for the scenario," JPMorgan FX Techs said.
Click to expand...
 
Robin Hood said:
--------------------------Dollar----Euro
29 Jan 2008 ( 20:40 ) ---> R7.21---R10.65
30 Jan 2008 ( 17:20 ) ---> R7.30---R10.79
31 Jan 2008 ( 18:15 ) ---> R7.50---R11.08
03 Feb 2008 ( 11:30 ) ---> R7.41---R10.97
04 Feb 2008 ( 15:00 ) ---> R7.38---R10.94
05 Feb 2008 ( 21:10 ) ---> R7.66---R11.23
07 Feb 2008 ( 11:00 ) ---> R7.67---R11.22
08 Feb 2008 ( 14:10 ) ---> R7.82---R11.33
11 Feb 2008 ( 12:00 ) ---> R7.83---R11.39
12 Feb 2008 ( 10:45 ) ---> R7.75---R11.26
13 Feb 2008 ( 14:20 ) ---> R7.67---R11.18
14 Feb 2008 ( 17:30 ) ---> R7.65---R11.18
15 Feb 2008 ( 19:20 ) ---> R7.66---R11.25
18 Feb 2008 ( 14:00 ) ---> R7.65---R11.18
19 Feb 2008 ( 18:30 ) ---> R7.66---R11.28
20 Feb 2008 ( 17:45 ) ---> R7.89---R11.56
------------------------


Click here for Latest Rates
Click to expand...
biggest drop yet?
 
$ = R 7.90
£ = R 15.34
€ = R 11.58
Gold = $ 924.38
Oil = $ 97.35
Last update 20-Feb-2008 18:30:00


Still falling :(
 
Forex control has been relaxed

not a bad news , just need sometime to digest the news ,I think....


Real problem is the trade deficit R180bn
Maybe we should learn from the Americans

China has a large trade surplus over US

Americans invites the Chinese to do shopping

Chinese went home with Boeings & agriculture supply contracts ,etc..............spent $$$$$$$$$$$$

Maybe we should invite our trading partners to come shopping

Which country enjoy the largest trade surplus over SA ?
 
American markets should open soon.
Thereafter the asian market.
I think we are in for a bumpy ride.
Holding steady at R7.89
 
Gooku said:
Forex control has been relaxed

not a bad news , just need sometime to digest the news ,I think....


Real problem is the trade deficit R180bn
Maybe we should learn from the Americans

China has a large trade surplus over US

Americans invites the Chinese to do shopping

Chinese went home with Boeings & agriculture supply contracts ,etc..............spent $$$$$$$$$$$$

Maybe we should invite our trading partners to come shopping

Which country enjoy the largest trade surplus over SA ?
Click to expand...

China.
There is really nothing that they need from us.
They need energy mostly,we are also short of energy.
 
Rand R15.33 to the pound.
Rand R 7.89 to the dollar

Asian markets reaction soon.
U.S. dollar falling as well.
Not good.
 
Gooku said:
I dont think China has trade surplus over SA

I think SA has surplus over China.it is so just a few years ago...
Click to expand...

Imports 2006 Main partner:
1.Germany
2.China

China is the world leader in solar power technology.
On Alibaba you will be amazed to see how many buying leads are placed by
South Africans.

I think China imports surpassed German imports in 2007 already.
Figures are unfortunately not available.
Chinese trade surplus grew by 22,7% in January this year.
Robust economy!
 
Wow - friend of mine is going to earn about 60K ZAR each month - he's overseas doing demining work :eek:
 
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