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Rand Drops Nearly 1%| News by Staff Reporter
The South African rand dropped by nearly 1 percent on Friday
The rand fell by nearly 1 percent to R6.9055 (by 08:49) on Friday morning after ending Thursday’s session at R6.83080.
Analysts attribute the drop in the rand/dollar strength on Friday to investors weary ahead of the stress tests on European banks, seeing them shy away from risky assets.
Market sentiment was also marred by worries over the United States credit ratings situation – data on which economists and investors are today intently focussed.
Government bonds remained relatively unchanged from overnight levels, with the yield on the four year bond at a flat 7.48 percent and that of the 2026 issue increasing one basis point to 8.61 percent.