The South African rand rose today against the U.S. dollar, the second day of gains after the currency tumbled previously, after the EU leaders ensured that the budget cuts won’t bring the European economy down, causing the risk appetite to return; later the rand declined and currently trades near its opening level.
The South African rand weakened today amid the concerns that the fiscal crisis in the European Union will afflict the pace of the global economic recovery, damping the demand for the riskier assets.
The South African rand fell today against the U.S. dollar on the outlook for the unfavorable jobless rate to remain without much improvement and as the commodity prices declined, causing the analysts to bet that the currency will remain weaker than $7.40 level.
The South African rand dropped as the widening investigations about the activities of the Goldman Sachs Group Inc. caused the investors to sell their
The rand dropped today for the third straight day as the speculation that the World Bank won’t grant the loan for Eskom Holdings Ltd., which would be used to fund the construction of the
After a bearish last week that forced emerging market currencies down versus refuge investments in the U.S. and Japan, risk appetite returned timidly today, allowing the South African rand to climb as commodities rebounded.
This year started with a growing demand for metallic commodities as investors expect that the global economic recovery will rise industries’ needs for raw materials, helping the South African currency to start the year bullish.
The South African rand was one of the best performing currencies today in
The South African rand touched a
The South African rand continued a decline that set it to the lowest rate in almost two months as a greenback rebound is decreasing attractiveness for
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