The Rand has weakened after following the Euro on its downward trajectory following the release of worse than expected GDP figures out of the Eurozone.
Disappointing figures out of France, Germany and the wider Eurozone have weakened demand for perceived riskier currencies. The Rand had been holding steady against the US Dollar this morning due to the markets awaiting the release of the latest mining data and President Jacob Zuma’s State of the Nation address.
The mining data saw a fairly robust weakening after shares in South Africa’s biggest mining companies fell. Implats, which is the world’s second largest platinum producer, saw the value of its shares slide by 5.55% after reporting a 78% decline in headline earnings. According to economists however it was the Euro’s decline that led to a softening of the Rand.
“The worse than expected local mining production figures this morning did not really have an effect on the Rand. No local news attributed to the softer Rand. It is the stronger Dollar against the Euro that has pushed our currency down” a local trader said.
Current ZAR Exchange Rates
The South African Rand to Euro exchange rate is currently trading at 0.0843
The South African Rand to US Dollar exchange rate is currently trading at 0.1125
The South African Rand to Pound Sterling exchange rate is currently trading at 0.0726
The South African Rand to Australian Dollar exchange rate is currently trading at 0.1088
The South African Rand to New Zealand Dollar exchange rate is currently trading at 0.1328
The South African Rand to Canadian Dollar exchange rate is currently trading at 0.1128
The South African Rand to Emirati Dirham exchange rate is currently trading at 0.4134
The South African Rand to Swiss Franc is currently trading at 0.1038
The South African Rand to Japanese Yen is currently trading at 10.5024
Comments are closed.