Weak rand
Economist explains why SA’s rand is weak
Chief Economist at Econometrix Dr Azar Jammine explains the combination of factors that have led to a weak currency.
South Africa will achieve strict consolidation targets set out in the budget, the Treasury said yesterday.
Little change is expected for the petrol, while the price of diesel’s expected to drop by 73 to 75 cents/l.
Asian stocks looked vulnerable to another sell-off on Tuesday
The rand was trading 0,37 percent weaker at 11,5145 to the dollar.
The currecy fell more than 1% to its weakest in two months against the dollar on Monday.
The rand has been weakening steadily over the last week.
The local currency has lost 22 percent of its value against the US dollar this year.
The company says a weaker rand played a significant role in its profit slump.
Consumers will need to tighten their belts while spending this festive season.