Rand crashes through R19/$ and R24/£
past R19/US$ for the first time in three years as investors fretted over the country’s struggles with energy shortages and China’s growth hiccups.
The currency, one of the most liquid in emerging markets, dropped as much to as low as R19.32/$, cementing its place as the second worst performing among developing nation peers this year. Traders are now watching whether it will extend its losses all the way to R19.35, its record low. The rand also lost big ground to the pound, touching as low as R24.26 to the British currency. The euro also climbed against the South African currency, with the rand touching R21.10/€ at around lunchtime on Thursday.
South African assets are being buffeted by both external and internal factors at a time when mixed data from China have put paid to hopes of a smooth and straight-line recovery in the world’s largest economy. China is the biggest buyer of South Africa’s exports.
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