The South African rand slid over 1% on Tuesday, extending Monday's losses as global risk-off sentiment increased.
At 0905 GMT, the rand traded at 18.0325 against the dollar , about 0.85% weaker than its previous close. It had weakened to as much as 18.0884 earlier in the day."After the strong advance through June, it was always vulnerable to a slight correction. This has been triggered by risk-off market sentiment globally, as seen in currency weakness," Danny Greeff, co-head of Africa at ETM Analytics told Reuters.
Its weakness on Monday came as China's economic position rang alarm bells and "dampened risk appetite", said Andre Cilliers, currency strategist at TreasuryONE. At around 1200 GMT, the National Association of Automobile Manufacturers of South Africa will release the country's vehicle sales data for July
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