{"id":108509,"date":"2016-01-11T08:14:20","date_gmt":"2016-01-11T06:14:20","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=108509"},"modified":"2016-01-11T08:14:20","modified_gmt":"2016-01-11T06:14:20","slug":"rand-tanks-to-new-lows","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/108509\/rand-tanks-to-new-lows\/","title":{"rendered":"Rand tanks to new lows"},"content":{"rendered":"

South Africa’s currency has hit a new low against the US dollar, continuing its downward spiral.<\/p>\n

According to Reuters<\/a>, late Sunday night (local time) – as Asian markets opened – the rand tanked to as low as R17.99 to the US dollar before pulling back to R17.25.<\/p>\n

In trade on Monday morning (11 January), the rand was trading at R16.72 to the dollar – a new record low, since hitting its weakest point on Friday.<\/p>\n

According to reports, the reason behind the latest dip is\u00a0Japanese sellers, who are selling rand for dollars looking for some liquidity in the market.<\/p>\n

\"Rand

Rand vs dollar – Monday 11 Jan<\/p><\/div>\n

Analysts on Friday (8 January) warned that the rand is currently at the mercy of external factors – most notably, trading circumstances in Asian markets – and that there may be worse to come.<\/p>\n

Economist Mike Schussler from Economists.co.za sketched a grim scenario for the South African economy should the rand lose 20% from its value against the greenback in 2016.<\/p>\n

Last year the rand gave up 25.9% of its value.<\/p>\n

\u201cIf the rand should fall just another 20% over the next year then by the beginning of 2017 a dollar would cost R20. That R20\/$ is on the cards so quickly is frightening for the country,\u201d he said<\/p>\n

More on the rand<\/h3>\n

R20 to the US dollar is on the cards<\/a><\/strong><\/p>\n

Rand touches R16 vs dollar<\/a><\/strong><\/p>\n

Weak rand not Zuma\u2019s fault \u2013 ANCYL<\/a><\/strong><\/p>\n

Rand crashes to lowest level ever as Zuma sacks finance minister<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

South Africa’s currency has hit a new low against the US dollar, continuing its downward spiral.<\/p>\n","protected":false},"author":10,"featured_media":28250,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[26,3670],"class_list":["post-108509","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-headline","tag-rand"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/108509","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=108509"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/108509\/revisions"}],"predecessor-version":[{"id":108513,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/108509\/revisions\/108513"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/28250"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=108509"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=108509"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=108509"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}