News24 Business front pageSouth Africa’s rand is on track for a sixth consecutive week of declines versus the dollar — but there are indications the selloff may be about to ease.
The tide may be turning. Investors largely welcomed Finance Minister Enoch Godongwana’s plan for embattled Eskom, which spurred a brief rally in the rand and the biggest foreign bond inflows in nearly two weeks on Thursday. Traders have also begun to bet that a weaker US dollar will cool some price pressures that have been evident globally — which would support the rand’s prospects.
The rand is the most undervalued emerging-market currency apart from Russia’s ruble. That’s according to the Big Mac currency valuation — a survey created by The Economist magazine in 1986 to measure purchasing power parity between nations, using the price of a McDonald’s Big Mac as the benchmark.A deep dive into the big business story of the week, as well as expert analysis of markets and trends.
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