Friday, 8th August 2008 at 9:00 pm
Rand slides 10% in 5 days

After having reached levels of around R7.20 to the US dollar in the last couple of weeks, the rand extended losses against the dollar to more than three percent on Friday (8 August), as the greenback staged a strong rally across the board. The local currency was trading at R7.74/$ at 17:00, 3.5% softer than its previous close in New York, and just off its weakest mark in a month of R7.7450 hit earlier in the session. And it is just not that Rand loosing strength against the greenback, this move is in line with other countries as the US dollar gains strength across the board. The rand has weakened almost 10% to the dollar since hitting a 6-month high of R7.1820 on Monday (4 August).

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Comments

Can you survive America’s economic slump? « Cash Cow on 19 August, 2008 at 11:38 pm #

[…] month, The Rand Today reported that the SA currency was suffering “extended losses against the dollar to more than three […]


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