The ZAR Exchange Rate Thread

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Really great for selling stuff on eBay! Sold some painted ostrich eggs lamps this week at $15 a pop (+$17 postage) and now getting 10% more than last month. It's an aas-stretch over there
 
Garyvdh said:
We are importers ... nobody in South Africa knows how to make this stuff. And this rate is killing us! :(
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My dad's importing from Europe and I'm busy studying in the US.

Needless to say I haven't used my card once and I'm being busy relying on what little cash I had before.. Things are not good :(
 
South Africa has a NEGATIVE trade balance ! ! ! The people who said is good for the country to have a weak currency, are either "foreign agents" from Australia or ANC supporters who want to hide their incompetency behind a wall :D
 
R7.56 at the moment.

It has hovered around R7.50 over the weekend.

Getting stronger guys! :)
 
VioAdmin said:
Damnit -- I require the Dollar to stay at a minimum R7=$1...this is not good for kind of business lol...f@k. I really need to push and migrate to Pounds as main currency and Dollar/Euro for back-ups.

This sucks.
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What kind of business are you in where you can mark to market on 3 currencies from an overarching strategy? Are you talking more about imports/distribution or are you talking about some form of forward cover/hedging treasury function?
 
Rand Declines as Moody’s Rating Cuts Hurts Stocks, Commodities
By Robert Brand

Feb. 14 (Bloomberg) -- The rand declined against the dollar as stocks and commodity prices fell after Moody’s Investors Service cut debt ratings of six European countries, prompting investors to sell riskier assets.South Africa’s currency retreated 0.5 percent to 7.7228 a dollar as of 8:13 a.m. in Johannesburg, paring its gain in the past 30 days to 5.2 percent. Against the euro, it slipped 0.3 percent to 10.1612.The U.K. and France may be stripped of their top Aaa ratings, Moody’s said as it reduced the debt rankings of countries including Italy, Spain and Portugal on concern economic weakness may threaten austerity programs and reforms. The prices of metals including copper, nickel and platinum declined, and an index of global emerging-market stocks retreated. Raw materials account for 64 percent of South Africa’s exports, according to government data for 2011.“Sentiment has been knocked by Moody’s rating adjustments,” John Cairns and Josina Solomons, currency strategists at Rand Merchant Bank in Johannesburg, wrote in an e-mail today.Spain was downgraded to A3 from A1, Italy was lowered to A3 from A2, and Portugal was reduced to Ba3 from Ba2, all with negative outlooks, Moody’s said. It also cut Slovakia’s, Slovenia’s and Malta’s ratings.The euro, the currency that accounts for 22 percent of South Africa’s exports, weakened for a third day versus the dollar. Regional finance chiefs convene in Brussels tomorrow to decide whether to ratify a 130 billion-euro ($171 billion) bailout for Greece. Italy is planning to auction bonds due in 2014, 2015 and 2017 and Spain is set to sell bills today.South Africa’s 6.75 percent bonds due 2021 dropped, driving the yield two basis points, or 0.02 percentage point, higher to 7.84 percent.
 
The plummeting Rand is sufficient cause to revive an old thread.

Right now the quoted Rand Sell Rate for USD is 8.8572. On Monday I have to pay a US supplier. Eina!


[And rather than talk about prices going up, we should get a grip on reality and talk about the Rand's buying power declining yet again. Yes, yes, I know it amounts to the same thing, but the former approach leads many people to blame businesses and 'capitalists', whereas the truth is the problem is governments suck value from today's currency by borrowing against the future.]
 
Arthur said:
The plummeting Rand is sufficient cause to revive an old thread.

Right now the quoted Rand Sell Rate for USD is 8.8572. On Monday I have to pay a US supplier. Eina!


[And rather than talk about prices going up, we should get a grip on reality and talk about the Rand's buying power declining yet again. Yes, yes, I know it amounts to the same thing, but the former approach leads many people to blame businesses and 'capitalists', whereas the truth is the problem is governments suck value from today's currency by borrowing against the future.]
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All governments "borrow from the future", problem with ours is that it spends that money on corrupt self gain
 
I have offshore dollars :D hmmmm.. to cash in or not to cash in. I think I should cash in before strike season is over :D

Buy dollars before strike season, sell them after. Profit? :D
 
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