When most of us woke up this morning, we were shocked to find the rand trading at new record lows. The rand had slumped below the R10/$ mark over night but it recovered in early morning trade today to the R9.79/$ mark. But as the day went on the rand started to loose on those earlier gains. During the course of the day, the rand reached a six year worst level of R10.8615/$. At 17:15 the rand was bid at R10.4490/$ from a previous close of R10.6687. It was bid at R14.0065/€ from a previous R14.3728 and at R18.0200/£ from R18.2950 before. Earlier it touched intraday worst bids of R14.5359/€ and R18.7383/£.

With the falling rand it is very unlikely that we will see a fuel price drop in South Africa. World oil prices continue to drop; many had thought this would be good news as the price of fuel would also drop but no such luck due to the depreciating rand. Unaudited figures, up to October 16, indicate it was possible the price of petrol could be reduced by up to 29 cents next month, and diesel could go down 23 cents, but this looks more and more unlikely each day the rand continues to drop.

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