Rand slips against the American dollar

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The rand has continued to weaken under the leadership of President Ramaphosa yet, strangely enough the usual uproar by South Africans, mainstream media and business people seems to be milder than usual.

In previous years when this would happen we would see concerned citizens at large make serious noise about but now that seems to have changed. The weakening of the Rand is no surprise at all. There is just too many things happening in the country. It is just bad news after badnews which puts great strain in the economy. From mismanaged SOEs to business and citizens forever having to endure load shedding, it just never ends.

The Rand opened the week at a near two-week high yesterday, breaking below the R15 mark to the US dollar as opposed to when it was at its strongest yesterday at R14,93 as risk appetite in the markets improved and investors wait for Finance Minister Enoch Godongwana’s first medium-term budget policy statement (MTBPS).

The pit of doom that seems to be the economy of the country just seems to be getting deeper and deeper with no hope whatsoever insight.

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