During local trade the Rand was slightly stronger against the British Pound and consolidated gains against the US Dollar.
At the current exchange rate 1 Pound will purchase 14.9233 South African Rand as of 10:30 GMT
The South African asset was able to advance on a broadly softening US Dollar as commodity-driven and emerging market currencies were supported by the lowering expectations of the Federal Reserve tapering quantitative easing.
The GBP/ZAR exchange rate hit a low of 14.8166 Rand per Pound
In response to the Rand’s movement one local industry expert commented: ‘The watchword is volatility and I cannot say that is Rand-specific. One day commodity currencies are up and the next day they are down. The trend seems to be firmer as we are now trading below R10 per Dollar, whereas earlier we were trading above R10.’
An absence of pertinent economic news for the UK or South Africa is likely to restrain the GBP/ZAR pairing in the hours ahead.
However, the USD/ZAR pairing could experience movement as a result of the release of the US University of Michigan confidence index. With the Federal Reserve policy meeting coming up next week, every piece of domestic data could influence the tone of the statement and the Fed’s attitude towards reining in stimulus.
South African data to watch out for next week includes an unemployment rate report (due out on Tuesday) and Wednesday’s consumer confidence figures/balance of trade data.
Current South African (ZAR) Exchange Rates
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The US Dollar/South African Rand Exchange Rate is currently in the region of: 9.7225 >
The Pound Sterling/South African Rand Exchange Rate is currently in the region of: 14.9233 >
The Euro/South African Rand Exchange Rate is currently in the region of: 12.9048 >
The Australian Dollar/South African Rand Exchange Rate is currently in the region of: 9.0091 >
The New Zealand Dollar/South African Rand Exchange Rate is currently in the region of 7.8524 >
The Canadian Dollar/South African Rand Exchange Rate is currently trading in the region of 9.4715 >
(Correct as of 10:30 GMT)
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