24-Hour Change
Opening Buying Rate
1-Month Change
Today's Target
24-Hour Change
Opening Buying Rate
1-Month Change
Today's Target
24-Hour Change
Opening Buying Rate
1-Month Change
Today's Target
The Rand opened stronger against all the major currencies this morning.
The ZAR recovered some of yesterday’s losses over concerns about supply sanctions on the top palladium producer in Russia. South Africa is currently the largest producer of palladium, and the sanction concerns have caused the local Platinum Group Metals share price to jump over 13% in the last 3 days. The ZAR will continue to benefit if sanctions are imposed.
The ECB has already reduced its interest rate by 75 basis points this year, and comments made by ECB members stated that the option of a 50-basis point cut in December is on the table. The potential of a 50-basis point cut will be limiting EUR gains.
ForexPeople (Pty) Ltd, (FSP 35526), is one of SA’s largest independent FX Brokers and has been helping Companies and Individuals with their Offshore transfers since 2003. We work with Wealth Managers across SA helping them move their clients’ funds offshore quickly, smoothly and at the best exchange rates. ForexPeople is a Member of SA Association of Treasury Advisors, Regulated by SA Reserve Bank, FSCA and FIC.
That’s why we provide total transparency and service excellence in all we do.
