{"id":596496,"date":"2022-07-07T17:04:24","date_gmt":"2022-07-07T15:04:24","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=596496"},"modified":"2022-07-07T17:04:24","modified_gmt":"2022-07-07T15:04:24","slug":"the-rand-is-taking-a-beating-here-are-10-countries-where-its-still-stronger","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/lifestyle\/596496\/the-rand-is-taking-a-beating-here-are-10-countries-where-its-still-stronger\/","title":{"rendered":"The rand is taking a beating – here are 10 countries where it’s still stronger"},"content":{"rendered":"

The rand has had a tumultuous 2022 so far, weakening sharply in late April, strengthening in mid-June only to weaken once again in recent sessions.<\/p>\n

Bianca Botes, director at Citadel Global said that there are four major factors<\/a> contributing to this, namely; the global environment spurred on by geopolitical events such as the Russia-Ukraine war, the risk of recession, investors looking for safe havens, and people flocking to the dollar.<\/p>\n

The rand hit its weakest point against the dollar at the start of July, captured at R16.84 amid fears of a looming global recession.<\/p>\n

According to Reuters<\/a>, South African analysts have cautioned that the rand is not out of the woods yet, noting that the country still faces risk factors that could further weaken the currency.<\/p>\n

In afternoon trade on Thursday (7 July), the rand traded at the following levels against the major currencies:<\/p>\n