What an interesting week for the SA Rand. Fisrt big gains against the US dollar, then losing ground and last week saw the British pound and ZAR exchange rate stage a mini-recovery.
The pair was languishing below the 12.0000 level last Monday – and of course by Friday lunch time, it had recovered to trade as high as 12.2697.
However, buying pressure built up for the Rand during the weekend close, seeing GBP ZAR open at a lower level than it had closed at on Friday, when the global currency markets re-opened on Sunday night.
Such a ‘price gap’ in a downward move is generally considered by analysts to be a negative indicator. This does not bode well for Sterling’s chances against the Rand during this week’s session. But for those who need to get SA Rands now is the time to transfer money to SA at no transfer fees.
