South African Rand Falls To New Record Low
The South African rand reached a new record level low of 16.50 as of Monday, January 11 at 8:30 UTC, diving downward to a 9 percent low that the economy has not seen since 2008.
Bloomberg reports, “The rand’s slide on Monday probably came after “a combination of stops and margin calls caused mass capitulation” by Japanese retail investors, Gareth Berry, a foreign-exchange strategist at Macquarie Bank Ltd. in Singapore, wrote in a research note.
It's also possible that the rand accelerated its losses from back in December, when President Zuma reappointed Pravin Gordhan following the worst market turmoil.
On the upside, it means the timing is right for those of you that are interested in traveling to South Africa because the market is right on track for you to get the best value for your U.S. dollar to buy South African rands.
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