Rand could stabilise if no more nasty surprises

Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!

Cape Town – In a week of considerable currency volatility following Standard & Poor’s downgrade of South Africa's credit rating, the worst of the bad news is over and the rand could start stabilising, according to a currency analyst.

If the local unit can shake off recent turmoil, it could move lower to levels of about R13.70 to the dollar, TreasuryOne dealer Phillip Pearce said in a note.

“The environment remains very fluid though and the local unit vulnerable to headline news. Market sentiment will drive trade and I’d dare to say the rand could range between R13.65 and R13.90 if we have no nasty surprises,” Pearce added. 

There’s more to this story
Subscribe to News24 and get access to our exclusive journalism and features today.
Subscribe
Already a subscriber? Sign in
Rand - Dollar
14.13
-0.0%
Rand - Pound
19.92
-0.0%
Rand - Euro
17.16
-0.0%
Rand - Aus dollar
11.00
-0.0%
Rand - Yen
0.13
-0.0%
Gold
1,843.76
0.0%
Silver
27.42
0.0%
Palladium
2,894.50
0.0%
Platinum
1,229.50
0.0%
Brent Crude
68.71
+2.5%
Top 40
60,573
+0.6%
All Share
66,598
+0.7%
Resource 10
69,386
-0.1%
Industrial 25
83,277
+0.9%
Financial 15
12,685
+1.5%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, and I've gotten it.
21% - 1450 votes
No, I did not.
52% - 3622 votes
My landlord refused
27% - 1923 votes
Vote