Wednesday, 22nd October 2008 at 10:40 pm
Rand at six-and-a-half year low

By 18:10 today, the rand was bid at R11.2763/$ from a previous close of R10.6550. It was bid at R14.4810/€ from a previous R13.8936 and at R18.2403/£ from R17.7622 before. Earlier in the day, the local currency hit the 11.2833 to the dollar mark, the worst level the rand has been in six-and-a-half years.

Why is the rand loosing so much value? According to analysts the local currency was being knocked by emerging market risk aversion as fears of a global recession continue to haunt international markets. Meanwhile, The International Monetary Fund (IMF) said today that the rand may be overvalued.

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Comments

Pat on 23 October, 2008 at 5:33 am #

Aha, luckily, I live and work abroad, I send USD home per month, meaning I get more rends after the conversion. This is my day.


rick roache on 27 October, 2008 at 7:36 pm #

can i ask who the authors of the articles are and where they get their information from?


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