Rand takes a battering as South Africa’s problems mount

The South African rand is taking an absolute battering in markets this week as a combination of global and local and issues weigh the currency down.

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At the time of publishing on Friday, 17 February, the local unit was trading at R18.27 to the US dollar.

The rand had been on the cusp of R18/$ for much of the month – and duly broke through that key barrier after strong economic data in the United States raised the likelihood for further rate hikes by the Federal Bank.

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Meanwhile, on the local front, rating agency Fitch issued a stern warning over the ongoing load shedding crisis in particular, according to BusinessTech.

In addition, investor sentiment has soured as the ANC pushes harder into far-left policies and alliances.

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RAND TRADING AT THE FOLLOWING LEVELS AGAINST MAJOR CURRENCIES:

• ZAR/USD: R18.27
• ZAR/EUR: R19.43
• ZAR/GBP: R21.77

Correct at time of publishing