South African Rand Weakens as Dollar Strengthens

The South African rand fell off a five-month high versus the dollar early Monday as the greenback rallied, with risk-taking in Shanghai being impacted by China’s reimposition of a lockdown.

The rand was trading at roughly R14.61 per dollar at 0605 GMT, down 0.43 percent from its closing on Friday, when it hit R14.47, its highest level since October 21, after the central bank lifted the repo rate.

“As the situation in Ukraine continues and the Chinese continue to battle another wave of Covid-19 infections, (the rand) has now reached its short-term technical support level around the R14.50 level, where it has met with USD buying demand,” Nedbank analysts stated in a note.

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The rand fell off a five-month high versus the dollar early Monday as the greenback rallied, with risk-taking in Shanghai being impacted by China’s reimposition of a lockdown.

The rand was trading at roughly R14.61 per dollar at 0605 GMT, down 0.43 percent from its closing on Friday, when it hit R14.47, its highest level since October 21, after the central bank lifted the repo rate.

“As the crisis in Ukraine continues and the Chinese continue to combat another wave of Covid-19 infections, (the rand) has now hit its short-term technical support level around the R14.50 level, where it has met with USD buying demand,” Nedbank analysts stated in a note.

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