19°C / 3°C
  • Thu
  • 19°C
  • 3°C
  • Fri
  • 20°C
  • 4°C
  • Sat
  • 11°C
  • 1°C
  • Sun
  • 14°C
  • 0°C
  • Mon
  • 18°C
  • 3°C
  • Tue
  • 18°C
  • 4°C
  • Thu
  • 15°C
  • 6°C
  • Fri
  • 13°C
  • 7°C
  • Sat
  • 14°C
  • 4°C
  • Sun
  • 16°C
  • 5°C
  • Mon
  • 18°C
  • 8°C
  • Tue
  • 15°C
  • 8°C
  • Thu
  • 22°C
  • 15°C
  • Fri
  • 27°C
  • 14°C
  • Sat
  • 16°C
  • 13°C
  • Sun
  • 19°C
  • 12°C
  • Mon
  • 21°C
  • 13°C
  • Tue
  • 23°C
  • 14°C
  • Thu
  • 17°C
  • 6°C
  • Fri
  • 14°C
  • 6°C
  • Sat
  • 13°C
  • 6°C
  • Sun
  • 15°C
  • 6°C
  • Mon
  • 19°C
  • 9°C
  • Tue
  • 15°C
  • 10°C
  • Thu
  • 18°C
  • 5°C
  • Fri
  • 20°C
  • 3°C
  • Sat
  • 17°C
  • 4°C
  • Sun
  • 14°C
  • 4°C
  • Mon
  • 14°C
  • 2°C
  • Tue
  • 18°C
  • 3°C
  • Thu
  • 23°C
  • 6°C
  • Fri
  • 26°C
  • 6°C
  • Sat
  • 16°C
  • 8°C
  • Sun
  • 16°C
  • 6°C
  • Mon
  • 17°C
  • 4°C
  • Tue
  • 21°C
  • 4°C
  • Thu
  • 14°C
  • 5°C
  • Fri
  • 11°C
  • 1°C
  • Sat
  • 13°C
  • 1°C
  • Sun
  • 16°C
  • 2°C
  • Mon
  • 19°C
  • 6°C
  • Tue
  • 12°C
  • 6°C
  • Thu
  • 15°C
  • 8°C
  • Fri
  • 15°C
  • 9°C
  • Sat
  • 14°C
  • 9°C
  • Sun
  • 14°C
  • 7°C
  • Mon
  • 19°C
  • 9°C
  • Tue
  • 15°C
  • 11°C
  • Thu
  • 21°C
  • 8°C
  • Fri
  • 21°C
  • 6°C
  • Sat
  • 20°C
  • 8°C
  • Sun
  • 15°C
  • 6°C
  • Mon
  • 16°C
  • 4°C
  • Tue
  • 19°C
  • 5°C
  • Thu
  • 20°C
  • 6°C
  • Fri
  • 22°C
  • 5°C
  • Sat
  • 20°C
  • 8°C
  • Sun
  • 16°C
  • 7°C
  • Mon
  • 17°C
  • 5°C
  • Tue
  • 19°C
  • 3°C
  • Thu
  • 14°C
  • 8°C
  • Fri
  • 12°C
  • 6°C
  • Sat
  • 13°C
  • 5°C
  • Sun
  • 15°C
  • 6°C
  • Mon
  • 17°C
  • 9°C
  • Tue
  • 14°C
  • 9°C
  • Thu
  • 21°C
  • 0°C
  • Fri
  • 22°C
  • 3°C
  • Sat
  • 16°C
  • 4°C
  • Sun
  • 16°C
  • 4°C
  • Mon
  • 17°C
  • 3°C
  • Tue
  • 19°C
  • 3°C

Rand takes a beating against the dollar, pound

The local currency had been trading at around R15,30 to the dollar prior to Gordhan’s Budget speech.

new Mandela money
Rand,rand drops
Local Business

JOHANNESBURG – The rand has broken through the R16 to the dollar barrier and R22 to the pound.
 
At 6.30pm, it was hovering around R16,7 cents to the dollar and R22,30 to the pound.

The local currency had been trading at around R15,30 to the dollar prior to Finance Minister Pravin Gordhan’s Budget speech on Wednesday.

It then lost around 40 cents to the US currency.

Some economists cited his speech as doing enough to stop the country from being downgraded to junk status, while others say there aren’t enough measures to curb state spending.

The higher exchange rates are bad news for inflation, with emerging market currencies continuing to battle against the dollar.

The pound has come under pressure due to the proposed exit from the EU and it was hoped that the rand would capitalise on this.

However, the local currency appears to be battling, with economists hoping that the gains of the past few weeks will simply not be lost in the long term. 

(Edited by Refilwe Pitjeng)

Comments

EWN welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

- Racism (including offensive comments based on ethnicity and nationality)
- Sexism
- Homophobia
- Religious intolerance
- Cyber bullying
- Hate speech
- Derogatory language
- Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the EWN community a safe and welcoming space for all.

EWN reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

EWN reserves the right to close comments on selected content pages.

EWN is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.