Rand breaks R18/$ barrier on Inauguration Day

The rand broke through the crucial R18/$ barrier on Wednesday, 19 June – which just happens to be President-elect Cyril Ramaphosa’s Inauguration Day.

REMEMBER | Inauguration Day is NOT a public holiday, confirms Presidency

All eyes will be on the rand in the coming days and weeks as South Africa comes to terms with the new ANC-DA-IFP Government of National Unity (GNU) coalition set to govern the country for the next five years.

FLLOW LIVE | President-elect Cyril Ramaphosa’s Inauguration Day

Mzansi saw its new 400-member parliament sworn in on Friday, 14 June in Cape Town.

It was an historic day with the ruling African National Congress (ANC) for the first time since the first democratic elections in 1994, having failed to achieve a majority in last month’s election.

At 09:45 on Wednesday, the rand was trading at R17.96/$, suggesting the GNU is off to a good start!

Rand vs major currencies

The table below depicts the rand exchange rate against five other major currencies.

They are the dollar (US dollar), pound, euro, Australian dollar (A$) and New Zealand dollar (NZ$).

Dollar R17.96/$
Pound R22.85/£
Euro R19.27/€
Australian dollar R11.98/A$
New Zealand dollar R11.02/NZ$
Exchange rates as at 09:45 on Wednesday, 19 June 2024

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *