Latest news with #R18.15
IOL News
08-05-2025
- Business
- IOL News
Rand steadies as markets shrug off Fed hold and Vatican smoke signals
Following a temporary dip due to geopolitical tensions, the rand has rebounded, showcasing resilience against the dollar as markets digest the Fed's latest decisions Image: Picture: Henk Kruger/Independent Newspapers After Wednesday's wobble in the local currency, mostly the result of a fire fight between India and Pakistan, the rand reversed its losses, instead moving back to a position where it continues to gain ground against the dollar. This stabilisation comes despite the US' Federal Reserve holding interest rates steady, which seems to have been priced into valuations across markets even though the States' central bank may have scope to cut interest rates. Between its New York close and mid-morning on Wednesday, the local currency had dropped some 20c after having traded at the R18.15 level in New York on Tuesday night. On Thursday, however, the currency was increasing in strength, wand was in the R18.16 range – its lowest level in a month – just after lunch. Bianca Botes, Director at Citadel Global, stated that, although risk sentiment remains mixed, the rand opened steady at R18.22 on Thursday morning. Nolan Wapenaar, co-chief investment officer at Anchor Capital, said the last 24 hours were a non-event. 'Black smoke in the Vatican and a Fed hold were very broadly anticipated. The silence in conclave and as expected Fed commentary mean that we are business as usual,' said Wapenaar.
IOL News
07-05-2025
- Business
- IOL News
Rand fluctuates amid escalating India-Pakistan tensions
On Wednesday morning, amid escalating tensions between India and Pakistan, India launched military strikes on targets in Pakistan, meeting a strong response from the latter. Image: Ai The local currency has lost some ground as India and Pakistan fire targets at each other, dropping some 20c between its New York close and mid-morning on Wednesday. On Wednesday morning, amid escalating tensions between India and Pakistan, India launched military strikes on targets in Pakistan, meeting a strong response from the latter. Andre Cilliers, currency strategist at TreasuryONE, said the rand, which had traded below the R18.15 level in New York on Tuesday night, was at R18.34 mid-morning on Wednesday as risk sentiment slips on the back of the Indian attack on Pakistan. Cilliers added that long rand positions have also been trimmed ahead of the Federal Reserve's interest rates decision, which will be out overnight. Anchor Capital's chief investment officer, Nolan Wapenaar, said the company was watching South Africa's terms of trade and a returning risk appetite from global investors. China, South Africa's largest trading partner, officially said that it 'finds India's military operation early this morning regrettable'. China and India and both major trading partners with South Africa, with all three member countries of the original Brazil, India, Russia, China and South Africa trading bloc, which was expanded last year to include other emerging markets. South Africa's largest trading partner is China, with South Africa's total bilateral trade with China soaring from $1.34 billion in 2000 to $34.18 billion in 2023, according to the Institute of Security Studies. Meanwhile, The Observatory of World Economy stated that, in February this year, that trade between India and South Africa was worth close on $1bn. The firefight between India and Pakistan did not, however, drop the value of the rand to the one-month low seen on April 8, when it went about the key R19 level on the back of US President Donal Trump's tariff announcements and subsequent 90-day pause on their implementation. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕
