South African Rand On The Rebound
Photo: Oritaku
For those of you that are awestruck about the sudden change in valuation of the South African rand, there’s definitely a reason behind it.
As the currency chart reflects, the rand had a sharp decline followed by a rise of 5% against the U.S. dollar on Monday.
On Monday, Bloomberg reports, “Zuma reappointed Pravin Gordhan following his unexpected dismissal on Wednesday, which sent market turmoil of the rand to record lows and bond yields to the highest in seven years.”
According to Zuma, he said he made the change "After receiving many representations to reconsider my decision."
At this point, the rand has sustained its value and gained strength once again. We will keep our eyes peeled for any new developments on the forex trend for this foreign currency.
Parts and information from this article were from bloomberg by Rene Vollgraaff.
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