South African Currency Loses Strength as Census Data Set To Be Released.
The South African currency 'rand' experienced a decline in value at the start trade on Monday October 9,2023 due to heightened risk aversion in global markets caused by the Middle East conflict and the market attention directed towards the forthcoming release of the national census data in South Africa.
The exchange rate of the South African rand against the US dollar was 19.4000, slightly lower by approximately 0.6% compared to its closing rate on Friday,6th October,2023
South Africa's statistical organization will on Tuesday October 10,publish information from the nation's 2022 census, which is the fourth survey on population and housing since the end of apartheid.
President Cyril Ramaphosa will be given the Census 2022 national results by Statistics South Africa (Stats SA). while the statistician-general, Risenga Maluleke, will formally present the report to the president at the Union Buildings in Pretoria and reveal the findings of the population and housing count to the nation.
After more than ten years, this data is anticipated to provide a detailed examination of the economy, contributing to enhanced strategic planning and growth in Africa's most advanced economic sector.
According to a research note by analysts at Rand Merchant Bank, the market's risk level is expected to increase starting Wednesday, following the release of the September meeting minutes by the U.S. Federal Reserve.
The South African currency, along with other currencies affected by risks, tends to be influenced by global factors, such as U.S. economic information, when there are no significant local factors to consider.
