The ZAR Exchange Rate Thread

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$ = R 7.72
£ = R 15.29
€ = R 12.11
Oil = $ 144.65
Gold = $ 932.9
Last update:
03 Jul 2008 18:26:01
 
Rand getting stronger due to higher interest rates.
That's a fail, Rand should be stronger for other reasons during the world recession.
 
$ = R 7.76
£ = R 15.31
€ = R 12.17
Oil = $ 140.1
Gold = $ 923
Last update:
07 Jul 2008 18:38:02
 
A 20 to 40 cent increase in the petrol price is possible during August, said T-sec economist Mike Schussler on Monday.

"The oil market is very volatile at the moment," said Schussler. "It's not a simple situation."

For the current month there was a 54 cent under-recovery overall for petrol and 60 cent under-recovery for diesel.

An increase of between 20 to 40 cents was then likely for next month, said Schussler.

He said the most worrying time for South African fuel prices would be in the fourth quarter of the year. At that time the northern hemisphere would be experiencing winter.

Since this hemisphere bought 80 percent of the energy world wide, they would be buying a lot of the oil for heating.

He said South Africans could be paying well over R12 for diesel and well over R11 or even R12 for petrol by that time.

"The chances are that we are going to have a 50c to R1 increase for petrol and diesel by the end of the year," he said.

"It will be the most trying time for the economy."

Schussler said there should be some relief next year when oil from new oil fields began reaching the market.

He said the chances for an economic recession in South Africa were increasing.

"We already seeing a slowdown in economic growth. It's very difficult to say exactly...where the South African economy is going to go."

Sapa
Click to expand...
http://business.iafrica.com/news/1016400.htm


:eek: :eek:

Not sure what else to say really.
 
$ = R 7.42
£ = R 14.7
€ = R 11.56
Oil = $ 121.96
Gold = $ 915
Last update:
30 Jul 2008 14:22:02

Looking much stronger than in recent months.
 
$ = R 7.21
£ = R 14.18
€ = R 11.23
Oil = $ 123.5
Gold = $ 906.7
Last update:
04 Aug 2008 12:02:02

Rand still getting firmer, despite most things pointing against it. How long will this rally last, though?
 
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