Rand firmer as emerging markets settle down

Rand firmer as emerging markets settle down

The rand was firmer late on Friday as the market shrugged off concerns about emerging market instability and the effects of the US rate increase. The rand came under pressure on Thursday following market talk regarding the devaluation of the Argentinian peso, as well as a result of a weaker gold price.

The local currency is adapting to the market consequences of the first US interest rate increase in almost a decade. Gold is nearly $12 weaker after the rate hike.

At 3.28pm the rand was at R15.0178 against the dollar from a previous close of R15.2323. Against the euro the rand was at R16.2526 from R16.4909 previously. The rand was at R22.3905 against the pound from R22.6984. Read more


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