Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

South Africa's rand dips as global growth fears, oil spike stokes risk-off

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/25/2019 | 03:41am EDT
South African Rand coins are seen in this photo illustration

JOHANNESBURG (Reuters) - South Africa's rand retreated on Thursday, succumbing to a firming U.S. dollar, as rising oil prices globally dented demand for emerging market currencies.

At 0650 GMT the rand was 0.05 percent weaker at 14.4500 per dollar compared to an overnight close of 14.4450.

The rand tumbled to 14.4525 late in the previous session, its softest in three weeks. Fellow emerging market currencies also fell, as a slack business confidence reading in Germany stoked fears of a broader global slowdown.

That benefited the dollar, which rallied to a 23-month high measured against a basket of rival currencies.

With global oil prices galloping to $75 per barrel for the first time in 2019 as the United States tightened sanctions on Iran, investors were also wary of energy-importing economies, fearing the price spike could strain their already stretched current accounts.

"This appears to be a generalised sell-off, with the jump in the oil price stoking fears about oil-importing economies battling external vulnerabilities. Bias is therefore for further rand weakness, especially as EUR/USD languishes," said analyst at RMB Nema Ramkhelawan-Bhana.

Bonds also weakened, with the yield on the benchmark 10-year issue up 1 basis point to 8.58 percent.

Stocks opened weaker, with the Johannesburg Stock Exchange's Top-40 index down 0.44 percent to 52,552 points.

(Reporting by Mfuneko Toyana; Editing by Catherine Evans)

Stocks mentioned in the article
ChangeLast1st jan.
EURO / US DOLLAR (EUR/USD) 0.07% 1.13927 Delayed Quote.-0.85%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
02:18pUK puts mini-bond regulation under spotlight after LCF collapse
RE
02:13pOil prices slip on demand fears, Mideast tensions ease
RE
02:12pAMF FINANCIAL MARKETS AUTHORITY OF FRENCH RE : The Autorité des marchés financiers and the Autorité de contrôle prudentiel et de résolution warn the public against the activities of several websites and entities proposing forex investments without being authorised to do so
PU
02:09pOil prices slip on demand fears, Mideast tensions ease
RE
02:02pCFTC U S COMMODITY FUTURES TRADING COMMISSION : Announces Approximately $2.5 Million Whistleblower Award
PU
01:57pIndian Central Bank's Deputy Governor Resigns
DJ
01:56pExclusive - Huawei's U.S. research arm builds separate identity
RE
01:47pGLOBAL AFFAIRS CANADA : Minister Carr strengthens bilateral ties between Canada and Israel
PU
01:42pU S SENATE COMMITTEE ON JUDICIARY : Grassley, Wyden Press Mnuchin Over French Government's Proposed Digital Services Tax
PU
01:37pPRESIDENT OF UNITED STATES : Donald J. Trump Is Imposing Sanctions on the Supreme Leader of Iran and the Worst Elements of the Iranian Regime
PU
Latest news "Economy & Forex"
Advertisement