The rand is one of the most traded currencies in the world. However, this means that its value is greatly affected by changes in other currencies in the global market. On Monday, the Rand hit a two-year low because of the decreased value of the Turkish lira. When investors heard, they quickly dumped their assets. However, the Rand is recovering and has gained 2% already.
Investec chief economist Annabel Bishop has said, “The recent tumult has meant that R14.00/USD has become the new key resistance level for the rand to break on the lower side, and the currency is likely to attempt this quarter.”
By: Mikayla Tetreault, Staff Writer