Rand hits low
The South African rand is a commodity driven currency, hence the struggle as gold and platinum hit a hard streak. The rand slipped to its lowest level in almost seven weeks against the dollar as gold dropped 0.4% and platinum fell back 1.2% The precious metals account for 22% of South Africa's export earnings and led currency rates for the rand to slip 1.5% to USD 8.3638.
Commodities are much weaker than they previously have been and will most likely contribute to the rand's drop at USD8.40. The lingering concern that the global economy will take longer to dig itself out of recession may also be hurting demand for commodity driven currencies.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.