Rand hits R8.90 to the $ | The Rand Today

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Monday, 6th October 2008 at 9:14 pm by Rander

Rand hits R8.90 to the $

With the JSE slumping today by 7%, the local currency also took a huge knock. The rand lost 5% today against the US dollar. Just after 16:00 today, the rand was trading at R8.90/$ its weakest level since January 2003. Some people out there may think that this slump in the rand is because of the political changes taking place in South Africa right now but that is not the case. It is true that political instability can affect a local currency but in South Africa’s case, the falling of the rand is largely attributed to the chaos on Wall Street which is causing panic on the world markets.

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