The South African rand fluctuated today between gains and losses on speculations that the nation’s central bank may decrease interest rates to boost slowing economic growth of South Africa.
South African Finance Minister Pravin Gordhan warned that downside risks for the country’s growth increased. Gordhan claimed that the government would do its best to attract investment and rein a budget shortage. President Jacob Zuma called for “dramatic” policy changes to reduce unemployment and poverty.
USD/ZAR traded at about 8.4160 as of 15:56 GMT today, near the opening level of 8.4100. The daily maximum was at 8.4480 and the minimum was at 8.3720.
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