Rand hits four-week low
The South African rand fell to a four-week low against the US dollar with concerns for the global economy.
The global economy is continuing to create troublesome concerns, and is the reason why the South African rand has fallen to its four-week low against the US dollar. A World Bank report downgraded global economic growth prospects causing investors to stray from high-risk assets. The report announced that growth in sub-Saharan Africa would slow to one percent with South Africa shrinking by 1.5 percent in 2009.
The World Bank's report set the equity markets down and picked back up with risk aversion. The rand's currency exchange rate fell to its weakest level since May 27, sinking as low as ZAR8.2885.
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