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The South African rand recovered from an intraday record low of 19.9075 per dollar on June 1, trading at 19.59. The currency had lost more than 7% in May amid worsening rolling blackouts and US allegations that South Africa supplied arms to Russia.
Analysts see the rand trapped in a R19.50 to R20.00 range.
The rand's May slump raised the local cost of dollar-priced feed imports, and the partial recovery eases that pressure. Continued investor outflows would keep South African feed costs elevated.
reuters.comTannur AndersJun 1, 2023Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
