The rand continued to firm against the dollar late on Monday‚ after the local currency fell along with the Turkish lira in the wake of Friday’s failed military coup in Turkey.
Meanwhile‚ Bank of America Merrill Lynch said the South African Reserve Bank’s monetary policy committee was not expected to increase interest rates at this week’s meeting‚ as inflation was expected to stay at 6.1% in June.
At 3.32pm‚ the rand was at R14.3146 to the dollar from R14.4076 at the previous close.
It was at R15.8225 against the euro from R15.9282 previously‚ and at R18.5932 against the pound from R19.0180 previously.
The euro was at $1.1055‚ from $1.1050 at the previous close.
Nedbank Corporate and Investment Banking (CIB) analysts said the rand continued its mostly strengthening trend of the past three weeks.
The rand also bounced back against “most emerging market currencies”‚ firming by 2.5%‚ 1.7%‚ 1.9%‚ 0.3%‚ 1.9%‚ 0.4%‚ 0.3%‚ 1.7%‚ 1.6% and 2.0% against the Argentinian peso‚ Czech krona‚ Indian rupee‚ Korean won‚ Indonesian rupiah‚ Malaysian ringgit‚ Mexican peso‚ Philippine peso‚ Thai baht and Singapore dollar
Rand firms after falling in wake of Turkish political upheaval
The rand continued to firm against the dollar late on Monday‚ after the local currency fell along with the Turkish lira in the wake of Friday’s failed military coup in Turkey.
Meanwhile‚ Bank of America Merrill Lynch said the South African Reserve Bank’s monetary policy committee was not expected to increase interest rates at this week’s meeting‚ as inflation was expected to stay at 6.1% in June.
At 3.32pm‚ the rand was at R14.3146 to the dollar from R14.4076 at the previous close.
It was at R15.8225 against the euro from R15.9282 previously‚ and at R18.5932 against the pound from R19.0180 previously.
The euro was at $1.1055‚ from $1.1050 at the previous close.
Nedbank Corporate and Investment Banking (CIB) analysts said the rand continued its mostly strengthening trend of the past three weeks.
The rand also bounced back against “most emerging market currencies”‚ firming by 2.5%‚ 1.7%‚ 1.9%‚ 0.3%‚ 1.9%‚ 0.4%‚ 0.3%‚ 1.7%‚ 1.6% and 2.0% against the Argentinian peso‚ Czech krona‚ Indian rupee‚ Korean won‚ Indonesian rupiah‚ Malaysian ringgit‚ Mexican peso‚ Philippine peso‚ Thai baht and Singapore dollar
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