The South African rand Thursday extended its losses against the
dollar to hit a 10.0 mark, as President Jacob Zuma cautioned against
labour instability in the volatile mining sector.
It is the rand's lowest level since March 2009.
Analyst Peter Nomura of Nomura International said the slump was above the 9.50 rand forecast for the second quarter, driven by real money outflow.
The new low adds further to already existing pressure on the South African economy, which is struggling under a mix of slow growth and high prices.
It is the rand's lowest level since March 2009.
Analyst Peter Nomura of Nomura International said the slump was above the 9.50 rand forecast for the second quarter, driven by real money outflow.
The new low adds further to already existing pressure on the South African economy, which is struggling under a mix of slow growth and high prices.
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