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The rand fell more than 3% against the dollar on June 11, on track for its biggest daily drop since November 2016. The decline followed a bleak Fed outlook and dismal domestic data, and it was steeper than moves in other emerging-market currencies.
Reuters tied the sell-off to a global risk-off move and the Reserve Bank's rate-cut plans.
A sharp rand sell-off raises the local cost of imported feed ingredients priced in dollars. The move reflects broad emerging-market risk aversion rather than a change in grain supply.
brecorder.comReutersJun 11, 2020Not 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.
