Chris Harmse
Foreign selling of bonds and equities on the JSE, reflecting some nervousness on the outcome of South Africa’s municipal elections yesterday, saw the rand depreciating strongly against the dollar, euro and pound.
Weaker precious metals prices also started to take their toll on the currency, as gold, silver, platinum, and palladium recorded big losses on Thursday and Friday. The currency lost 43 cents against the dollar last week, trading at one stage close to R15.30, but closed on R15.10.
Against the euro, the rand ended the week also 43c weaker, on R17.64, and against pound sterling the currency traded 30c weaker than the previous Friday, on R20.86.
Foreign selling of bonds pushed the R186 up by 1.36%. World inflation fears are busy pushing most emergency currencies weaker,…