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Rand Weakens Against Dollar
| News by Staff ReporterThe SA rand weakened 3,2% against the greenback yesterday
The rand weakened 3,2% against the dollar yesterday (Monday) to its lowest level in over a year, triggered by concerns that Greece will default on its debt.The rand dropped against the US dollar to its lowest level in 14 months yesterday as investors, concerned that Greece will be unable to meet its debt requirements, shifted towards US investments.
“In times of uncertainty, investors move into the US investments whenever things get tight,” said Doug Blatch, head of Investec Asset Management equity and derivative trading.
The rand was trading at R7,73 against the dollar yesterday afternoon – a figure not seen since July 2010 – but according to a research note published by Rand Merchant Bank the currency may continue to experience erratic movement.
By the middle of next week the rand could be trading at R8$1, it said.
In terms of the 18 emerging-market currencies the rand is the seventh most traded, but ranked among the lowest after yesterday’s 3,2% decline against the dollar.
The euro was also seen to weaken against the dollar yesterday to a seven-month low.
Source: www.bizpremises.co.za
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