Foreign exchange market: Fall of the South African rand : Orishas-finance

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Foreign exchange market: Fall of the South African rand

21/12/2023

Source : ORISHAS FINANCE

Categories: Economy/Forex

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Foreign exchange market: Fall of the South African rand

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Early on Wednesday, the South African rand followed the US dollar. Analysts say global market factors were likely to set the tone for the day's trade, in the absence of national data.

The rand was at 18.3400 per dollar, about 0.1% lower than its previous close at 7:05 GMT. ETM Analytics said in a research note that “overseas developments are pushing the rand far more than local developments right now, and as long as the dollar is down, the rand has the potential to retest the 18.00 mark before the end of the year

.”

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