Black market & official exchange rates: RTGS dollar continues weakening
There was a massive spike in parallel market rates yesterday (Wednesday) during the later part of the day.
The spike was so big that some foreign currency dealers suspended trading yesterday as they waited for the market to correct itself after a single USD started trading for north of 6 RTGS$, a massive premium of well over 500 percent.
Below is a compilation of the rates Thursday morning according to different sources.
100 USD = 610.0 RTGS (510.0%)
100 USD = 460.0 Bond (360.0%)
100 ZAR = 37.00 RTGS
100 USD = 550.0 RTGS (450.0%)
100 USD = 536.0 Bond (436.0%)
100 USD = 686.0 RTGS (Old Mutual Implied Rate)
Unfortunately, due to yesterday’s spike, one of the sources that use in compiling the data does not have any information available.
Once the central bank updates with the official interbank rates for Wednesday, we will also update the article.