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SA’s Rand Drops As US And China Continue Trade Rises

South African currency got a down slides the chart with a six-week low and government bonds has weakened with the global trade tensions and slides in the Russian ruble and Turkish lira, which combined to dampen global market enthusiasm towards emerging market assets.

The US-China trade talks made a negative impact on global growth, leaving the rand and other emerging market currencies on the last part of the chart.

Turkey’s lira and the Russian rouble were the hit hardest, according to analysts, with the lira hitting a new record low against the US dollar on Friday.

Turkey sent a delegation to Washington to discuss the trade crisis, but returned with no clear solution, sparking concerns of a widening rift between the nation and the US.

Meanwhile, Washington’s decision to impose new sanctions on Moscow led to the ruble sliding to a two-year low.

Just of recent on Friday morning, the rand was trading at 13.8125 per dollar, 0.86 percent weaker than its ended on Thursday.

Earlier in the session, the rand lost nearly 2 percent of it worth to 13.9500, it weakest ever since  June 28.,

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Written by BT

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