Rand to weaken further?
The current global financial crisis has caused the South African rand, along with other emerging markets, to weaken substantially. However, the rand recovered somewhat after hitting a low of 10,82 to the dollar in mid October to fall bellow the 10 rand mark in the last weeks.
This week saw the rand taking a new knock as global instability took a turn for the worse culminating in a significant dip on Thursday, and economists are predicting that the rand is in for a further tumble over the next few weeks. At the opening of trading on Thursday the rand was 10,57 to the dollar, 13,15 to the euro and 15,72 to the pound.
A weaker rand is good news for foreign tourists planning to visit South Africa over the upcoming festive season, but ultimately it will also mean an increase in prices, affecting both tourists and residents.
