Nene rand rollercoaster: Who could have benefited?
Just hours before President Cyril Ramaphosa announced last Tuesday he had accepted Nhlanhla Nene’s resignation as finance minister and appointed Tito Mboweni to replace him, the rand traded at 15.04/$ at 12:30, a dip of just over 1%.
As rumours gathered steam that Mboweni, a trusted hand at the South African Reserve Bank (SARB) would be brought in to steady the ship, the local currency strengthened and after the news was confirmed, shortly before the markets closed, had firmed more than 1% to change hands at 14.68/$.
The steep gains and losses for the rand in just a few hours represent an opportunity for retail (individual) and institutional investors if they’re willing to take the risk.
Read more article on News 24
Comments