South Africa’s rand is undervalued – here’s where it is heading right now, according to Absa

  • 📰 BusinessTechSA
  • ⏱ Reading Time:
  • 25 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 61%

Coin Coin Headlines News

Coin Coin Latest News,Coin Coin Headlines

The rand held its ground against the dollar in afternoon trade on Tuesday (3 May), having given up 3.6% over last week, trading at R15.99 relative to the greenback – near its weakest levels in nearly five months.

strengthened to a five-month high of R14.47/USD at the end of March. In the run-up toQ1 22, trade and equity inflows dominated.however, the rand has weakened sharply on the back of more hawkish US policy rateKwaZulu-Natal and a sizeable foreign disinvestment from South Africa’s banking sector,” the lender said.to R15.25/USD by mid-year , but then to weaken gradually to R15.

On Wednesday, the Federal Reserve, the central banking system of the United States, is expected to announce its largest interest rate hike since 2000, while various other central banks are also due to release their interest rate decisions later in the week, said Bianca Botes, director at Citadel Global.

“Monetary tightening decisions are currently a balancing act between combatting historically high inflation and not triggering an economic recession,” she said.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 24. in COİN

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

South Africans are buying a lot of cryptocurrencyMajor South African cryptocurrency platforms like Revix, Luno, VALR, and AltCoinTrader have seen explosive growth in the past year. I'm not. JustSaying smart people...
Source: mybroadband - 🏆 11. / 67 Read more »