(2 minutes read)
· South Africa’s rand appreciated at a 16-month high against the dollar yesterday riding on the back of subdued U.S. jobs data released, which pulled the dollar down
· That will keep the US interest rates under tight leash low for some time
· Lower U.S. interest rates boost the appeal for riskier but high-yielding currencies and weigh on the dollar
South Africa’s rand appreciated at a 16-month high against the dollar yesterday riding on the back of subdued U.S. jobs data released, which pulled the dollar down. That will keep the US interest rates under tight leash low for some time.
The rand yesterday traded at 14.0500 against the dollar. On Friday, last week Rand hit its highest level since early January 2020. The today’s value (as of 9 AM Indian Time) of the rand was lower at US$ 14.0691, marginally lower than the close yesterday.
Lower U.S. interest rates boost the appeal for riskier but high-yielding currencies and weigh on the dollar.
