Rand — Worst Performer so Far

The strongest African economy may soon lose its position — at least so tells us its currency. South African rand appears to be one of the worst performing currency of 2008.

Rand, being an indicator of the national economy’s health, was the top loser against the U.S. dollar this January with a loss exceeding 4.4%. Although gold and platinum (South African export commodities) were appreciating fast last month, traders were concerned with electricity blackouts throughout the country.

The major Forex trading institutions expect the South African rand to depreciate further in 2008 and, most probably, in upcoming year too. The instable global situation and the high possibility of presidency victory by Jacob Zuma are all crying out loudly against the investing in rand.

Today, this African currency continued its decline against dollar — it’s losing 0.55% after USD/ZAR went up from 7.7799 to 7.8200.

If you have any questions, comments or opinions regarding the South African Rand,
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