Home Trending Now Rand slides to 10-week low, could face more pain ahead

Rand slides to 10-week low, could face more pain ahead

The rand, already on a losing streak, could be heading for
more pain as emerging markets face ongoing pressure, analysts warned on
Thursday.

The local currency hit a 10-week low, reaching a level last
seen at the end of May.

The dollar, meanwhile, strengthened on Thursday on the back of better-than-expected jobs data. 

“Emerging market currencies are under fire, in
particular the Turkish Lira, as concerns around central bank policies and
dwindling reserves caused havoc,” said Andre Botha, senior currency dealer
at TreasuryONE, in a snap note in the early evening.

“The ZAR is also under pressure and traded at R17.60 at
one stage today.

“Currently, we are trading around R17.52 and we need to watch
this level closely. If we get a sustained break above this level the ZAR could
be in for more pain.”

The rand recently breached R17.00/$, in what was, at the time, its weakest level in several weeks.

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