简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:The South African rand has started the week stronger after the shortfall witnessed on Friday due to the uncertainties surrounding the SARB mandate.
By: Chime Amara
The South African rand regained ground on Friday after a brief period of uncertainty surrounding the mandate of the South African Reserve Bank (SARB).
The currency had weakened earlier in the week amid concerns about the future of the central bank's independence, as well as anticipation of the release of key US employment data.
However, the rand recovered after SARB Governor Lesetja Kganyago assured markets that the bank's mandate, which includes maintaining price stability and protecting the value of the currency, will not be compromised.
Further, the SARB governor assured investors that “the SARB remains committed to fulfilling its mandate and will continue to act in the best interests of the South African economy,”.
The rand's recovery came as the US jobs data, which was released on Friday, showed a stronger-than-expected increase in employment. This helped to boost investor confidence and contributed to a stronger demand for riskier assets, such as emerging market currencies.
Overall, the rand ended the day up against the US dollar, closing at 14.35 rand to the dollar, a modest but welcome improvement for the South African currency.
Analysts expect the rand to remain volatile in the coming weeks, as markets continue to assess the outlook for the South African economy and the central bank's monetary policy. However, the SARB's commitment to its mandate has helped to restore some stability to the currency.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Webull introduces commission-free SMSF trading, offering over 3,500 US and Australian ETFs, with no brokerage fees and enhanced portfolio tools.
Share your “Forex Fraud Prevention Experience”, win WikiFX points and gold rewards!
Safe-haven assets like gold and U.S. Treasuries are surging, while equities face mounting pressure. As this pivotal moment approaches, how will the market react?
Gold prices have hit record highs for three consecutive days, with a remarkable 19% gain in the first quarter, marking the strongest quarterly performance since 1986. As market risk aversion rises, demand for gold has surged significantly.