Rand records 1% growth as emerging markets strengthen - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

📆 29/07/2022 07:25:00
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The rand has strengthened 1% compared with Thursday’s JSE closing price and is trading at R16, 45 to the dollar in Asia this morning.

Image: Reuters

The dollar’s continued strength is surprising, as the US economy is now in recession after gross domestic product contracted by 0.9% in the second quarter, following a contraction of 1.6% in the first quarter. Potentially slower and lower interest rate hikes in the US in contrast to quicker and higher interest rates by the South African Reserve Bank could lead to foreign currency inflows, strengthening the rand.

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