Update on the currencies: Rand declines and weakens against the pound

03 September 2013 - Which Way To Pay

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Currency update: The South African Rand has weakened against the pound

As the markets await the release of retails sales data, the South African Rand has weakened against the pound and the currency has declined for the first time in three days against the US Dollar. Following this it is expected to show a further slowdown of the South African currency and economy.

South African Reserve Bank has maintained interest rates at 5% for more than a year

The South African Reserve Bank has maintained interest rates at 5% for more than a year in a bid to support growth in the struggling economy. In the past the Rand was trading firmer against the US Dollar as local traders took action to catch up with the currency's rises following the three day weekend for the Women's Day national holiday.

The Rand and other emerging currencies expected to consolidate

The Rand and other currencies are expected to consolidate in the weeks leading up to the US Federal Reserve's monetary policy meeting in September.

"Our view remains that the rand will be in a holding pattern until the Fed policy decision in five week's time. That said, the unit has been surprisingly volatile and we should expect another choppy week," John Cairns of Rand Merchant Bank said in a note.

South Africa has the world's largest known reserves of platinum and chrome and is the fifth-biggest producer of gold

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