South African rand losses in the currency to look for higher-yield investments elsewhere and due to concerns over the impact of the economic slowdown in China, South Africa's largest export partner. By mid-January, economists were speculating that the Rand could expect to see further volatility for the rest of 2016. By 29 April, it reached its highest performance over the previous five months, exchanging at a rate of 14.16 to the United States dollar. Following the United Kingdom's vote to leave the European Union (EU), the Rand dropped in value over 8% against the United States dollar on 24 June 2016, the currency's
Ingersoll Rand Ingersoll Rand Ingersoll-Rand plc () is an Irish–American global diversified industrial manufacturing company formed in 1905 by the merger of Ingersoll-Sergeant Drill Company and Rand Drill Company, rival companies that had each been founded in 1871. The company is incorporated in Dublin, Ireland, and has its US operations headquartered in Davidson, North Carolina. Ingersoll-Rand has been a constituent of the S&P 500 Index since 2010, replacing Pactiv Corporation on 16 November 2010 (it had previously been in the S&P 500 Index until it was replaced by Quanta Services in June 2009). In 1871, Simon Ingersoll (1818–1894) founded Ingersoll Rock Drill