Rand, other currencies begin to feel Brexit effect
The effects of Britain's exit from the European Union have already begun.
That's according to The Efficient Group economist Dawie Roodt after the local currency traded at R15.19 to the US dollar this morning weaker than market close on Friday when it was at R14.96.
Roodt says it's not only the rand that's feeling the Brexit effect, but a number of currencies with the exception of the dollar.
Also read: Brexit: Global markets faces rough day
He says we should brace ourselves for a bleaker picture as at this point markets are not sure how to react to the move.
''Nobody really knows what's going to happen now on the financial market and on the real economy. That is perhaps the biggest enemy to the financial market and that is uncertainty.
''Under these circumstances, investors tend to go where they feel safer and that is the US dollar at the moment. As long as uncertainty remains, I'm afraid the rand is likely to remain under pressure,'' he said.