Harry Scherzer, the CEO of Future Forex gives insight into the possibility of both a positive and a negative outcome for the domestic currency.
If South Africa continues to support Russia to the extent that it justifies sanctions from the West – or if load shedding continues to worsen – we can expect to see the rand weakening even further than its current levels, says Harry Scherzer, the CEO of Future Forex.
According to the CEO, however, investors may remain spooked by the government’s cosy relationship with Russia and will continue to exercise caution around the country’s investments, especially if there continue to be unwise decisions made by the government. The rand reached its lowest point on record last week , battered by several negative factors, including the SA-USA diplomatic tensions, worries over more severe load shedding, and talk of local recession.
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