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Rand Remains Weak
| News by Staff ReporterTrading at one-week lows to the dollar
The South African rand this morning reached a one-week low against the United States dollar, continuing the downward trend as global sentiment turns gloomy.The rand opened trading this morning at a one-week low against the dollar as losses in commodity-linked currencies become apparent.
Compared to its close yesterday the rand fell 0,31% to R7,14 this morning, while further losses are expected when the United States markets open after their long weekend and traders dump risky positions.
On Monday South Africa’s stocks fell by more than 2% (and hit one-week lows to the dollar) as weak US jobs data was released and the eurozone debt crisis continues to dog global sentiment.
Source: www.bizpremises.co.za
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