CAPE TOWN: Stronger-than-expected UK inflation data helped to overshadow Brexit worries but failed to boost the Pound against the South African Rand. Despite the still-tumultuous state of South Africa’s political landscape investors piled back into the South African Rand (ZAR), increasingly confident that Finance Minister Pravin Gordhan will not be forced out of his post.
Risk appetite was generally boosted, meanwhile, with markets not keen to price in any higher odds of the Federal Reserve raising interest rates before the end of the year. This kept the Pound Sterling to South African Rand (GBP/ZAR) exchange rate on a downtrend, despite the generally positive market reaction to the latest UK inflation rate data.
On Wednesday the South African Rand to British Pound exchange rate (ZAR/GBP) converts at 0.059. At time of writing the pound to south african rand exchange rate is quoted at 17.092. The GBP to EUR exchange rate converts at 1.118 today. FX markets see the pound vs us dollar exchange rate converting at 1.23.
