The Rand has had a turbulent 2022 so far, falling precipitously in late April, rising in mid-June, and then falling once more in recent sessions.
According to Bianca Botes, director at Citadel Global, there are four main elements behind this: the global climate brought on by geopolitical events like the conflict in the Ukraine and Russia, the possibility of a recession, investors seeking safe havens, and a stampede for the dollar.
The rand's value against the dollar fell to its lowest level at R16.84 at the beginning of July as concerns about an impending global recession increased.
Reuters reports that South African economists have issued a warning that the rand is not yet out of the woods, pointing out that the nation still faces risk factors that might cause the currency to drop even more.
The 10 nations where R1 will be more valuable than the local currency on June 7th, 2022 are listed below by BusinessTech.
Rand/Thai Baht – R1.00/2.15฿
2. Dominican Republic
Rand/Dominican Peso – R1.00/ RD$ 3.27
Rand/Vietnamese dong – R1.00 / 1,393₫
Rand/Colombian Peso – R1.00/ 259.60COL$
Rand/Hungarian Forints – R1.00/ 23.75Ft
Rand/ Indonesian Rupiah – R1.00/ Rp893.92
Rand/ Philippine Pesos – R1.00/ 3.34 Php
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