The Rand rallied to a three-week high against the US Dollar on Friday and is poised to make further increases as several global central banks maintained their accommodative monetary policies.
The currency’s further gains are due to come later in the session as investors await the release of the key non-farm payrolls data for March from the USA.
“We are a bit firmer this morning on the back of weakness in the dollar as there is some uncertainty as to whether there will be sufficient private-sector job creation to more than offset the decline in public-sector jobs. The net result of some extraordinary central bank decisions is that the yen is much weaker, the euro stronger and the rand at the bottom of its range,” a local foreign exchange dealer said.
Yesterday’s decision by the Bank of Japan to introduce a massive new quantitative easing and the European Central Bank’s decision to maintain interest rates at the record low level of 0.75% helped to revive appetite for riskier assets such as the Rand.
George Glynos, emerging markets analyst at ETM Analytics said;
“The Bank of Japan’s move yesterday was enormous,” he said.”All around, the central banks are very accommodating. A lot of that is getting priced in at the moment. That will potentially help the Rand recover even further.”
Current ZAR Exchange Rates
The South African Rand to Euro exchange rate is currently trading at 0.0845
The South African Rand to US Dollar exchange rate is currently trading at 0.1093
The South African Rand to Pound Sterling exchange rate is currently trading at 0.0714
The South African Rand to Australian Dollar exchange rate is currently trading at 0.1036
The South African Rand to New Zealand Dollar exchange rate is currently trading at 0.1288
The South African Rand to Canadian Dollar exchange rate is currently trading at 0.1099
These exchange rates were correct as of 10:20 am GMT
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