South Africa Exchange Rate July 2016

South Africa

South Africa: South African rand depreciates after Brexit vote

July 18, 2016

In the aftermath of the Brexit vote, South Africa’s rand (ZAR) lost ground against the U.S. dollar. On 27 June, the currency traded at 15.52 per USD. The figure was 4.14% lower compared to the previous day and 26.9% weaker on an annual basis.

The rand’s value took the deepest plunge among emerging market economies as investors lost appetite for risk assets. Moreover, the country’s bleak growth outlooks, low commodity prices and fears over a possible credit downgrade are putting further pressure on the currency.

FocusEconomics Consensus Forecast panelists expect the rand to end 2016 at 16.17 ZAR per USD. In 2017, the panel sees the currency trading at 16.50 ZAR per USD.

Author:, Senior Economist

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SouthAfrica Exchange Rate July 2016 0

Note: Exchange rate, ZAR per USD (eop).
Source: Thomson Reuters

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