Menu
 
 

Rand strengthens after Chinese R198 billion investment

Featured

Rand - [Google Images] Rand - [Google Images]

The rand opened mostly directionless yesterday hovering at levels above R13.45 to the dollar before getting some much-needed inspiration from President Cyril Ramaphosa’s announcement that China would invest $14.7 billion (about R198 billion) in South Africa.

Ramaphosa’s announcement, at a news conference after talks with Chinese President Xi Jinping, sparked a rally in the rand spurring the domestic currency more than 1 percent firmer to a three-day best against the dollar, which according to analysts triggered some offshore demand for the currency.

At 5pm the domestic currency was bid 20c firmer than Monday’s same time bid, at R13.30 to the greenback. Against the pound, the rand rallied 21c to R17.50 and to the euro the local unit strengthened 23c to R15.57.

At 10:30 this morning the rand was at R13.25 to the dollar. The pound stood at R17. 42 to the dollar and the euro is at R15,49 to the rand. 

 


 

BusinessReport

back to top

Industries

About us

Follow us

Follow us @BusinessNewsCT

BusinessNewsCT Verizon cuts 10 400 jobs in restructuring https://t.co/YrbCs1RHpz https://t.co/fUARqfaZe0
BusinessNewsCT Two Cape Town desalination plants go offline https://t.co/fCP75ZWhQ6 https://t.co/uJthW0nklh
BusinessNewsCT This is the average salary in South Africa right now https://t.co/kkUSKGXuCK https://t.co/PdUJj15vW2