Thursday, 11th September 2008 at 8:46 pm
Rand at five year low

The Rand continues to slide and today it reached its lowest level in five years against the US dollar. Why is the Rand tumbling you may ask; It is really more of the US dollar gaining strength due to commodity prices dropping amid a rise in global risk aversion. The stronger the US dollar gets, the weaker the Rand as going to be against the greenback. 

By 16:00 the Rand was bid at R8.3010/$ from a previous close of R8.1883 after earlier hitting R8.35 its worst level since May 2003. It was bid at R11.5562/€ from a previous R11.4316 and at R14.5789/£ from R14.3308 before.

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