News24
01 Aug 2020, 01:42 GMT+10
The rand slipped to a three-week low on Friday, this amid continuing Covid-19 uncertainty in global markets.
The local currency opened trade at R16.75 on Friday and ended the day 1.5% weaker at R17.01.
"The rand traded as weak as 16.9456 yesterday (Thursday) in the wake of the US GDP and jobless claims numbers which saw risk aversion grow in EM currencies," Andre Botha, senior dealer at TreasuryONE said in a note.
The US GDP contracted by 32.9% between April and June, making this the country's steepest contraction since the second world war, the US Federal Reserve revealed on Thursday, this as Covid-19 takes a weighty toll on the country's economy.
The record-setting quarterly fall in economic growth in the US has had a global knock-on effect.
The rand plunged to a low of under R19/$ in early April when South Africa entered its first month of lockdown, but has gradually been gaining ground since then.
Get a daily dose of Mexico Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Mexico Star.
More InformationNEW DELHI, India: Birkenstock is stepping up its efforts to protect its iconic sandals in India, as local legal representatives conducted...
New Delhi [India], July 9 (ANI): The Enforcement Directorate (ED) on Wednesday conducted searches across 11 locations in Punjab and...
HT Syndication Chennai (Tamil Nadu) [India], July 9: In a move to enhance educational access for the families of Indian Coast Guard...
Balochistan [Pakistan], July 9 (ANI): Concerns have been reignited among families, political groups, and civil society in Balochistan...
GUIZHOU, July 9 (Xinhua) -- Over the past five years, Yang Chenglan, a 39-year-old entrepreneur of Dong ethnicity living in southwest...
Mumbai (Maharashtra) [India], July 8 (ANI): Actor Ishaan Khatter has shared a glimpse of his perfect body with his fans and followers....
MOSCOW, Russia: Just hours after his sudden dismissal by President Vladimir Putin, Russia's former transport minister, Roman Starovoit,...
DHARAMSHALA, India: The Dalai Lama turned 90 on July 6, celebrated by thousands of followers in the Himalayan town of Dharamshala,...
ZAGREB, Croatia: A massive concert by popular Croatian singer Marko Perković, known by his stage name Thompson, has drawn widespread...
WASHINGTON, D.C.: Elon Musk's entry into the political arena is drawing pushback from top U.S. officials and investors, as his decision...
CULVER CITY, California: TikTok is preparing to roll out a separate version of its app for U.S. users, as efforts to secure a sale...
WASHINGTON, D.C.: President Donald Trump claimed he was unaware that the term shylock is regarded as antisemitic when he used it in...