South Africa’s rand plunged to an all-time low on Monday, falling below 18.00 to a dollar after ratings firm Moody’s cut the country’s last investment grade credit rating, adding to mounting panic about the coronavirus outbreak.
Currencies in South Africa, South Korea, Australia and New Zealand crumble as market volatility shoots up
The South African rand plunged over 4% against the dollar to R16.28.
Former CEO of Dimension Data, Brett Dawson has been a busy man since leaving the company. He has invested in seven start-ups, and set up Campan. Several of these start-ups have been established by South Africans including Fourex, a forex exchange service which provides self-servicing kiosks to exchange 150 currencies. The exchange has been an innovate approach to exchanging foreign currencies into notes and coins, and is paid out in the major currencies such as the dollar, pound and euro. To discuss his investments, Brett Dawson joins CNBC Africa for more.
Zimbabwe's government has introduced an interim currency, the RTGS dollar, in a bid to end a decade of dollarisation.
The Kenyan shilling weakened slightly against the dollar on Tuesday.
JOHANNESBURG (Reuters) - South Africa’s rand gained early on Monday in low-volume trade ahead of a shortened Christmas holiday week, as political instability in the United States curbed the dollar’s...