South African Rand Slumps vs. Dollar, Euro

January 4th, 2011
in News

Bloomberg:  The rand fell for the first time in three days against the dollar after slump in gold and platinum, which together make up about 20 percent of South Africa’s exports.

Follow up:

 The currency of Africa’s biggest economy depreciated 1.2 percent to 6.6872 by 4:20 p.m. in Johannesburg, from a previous close of 6.6101. Against the euro, the rand weakened 1.4 percent to 8.9660.

Gold, which typically moves inversely to the dollar, fell for a second day as data showing economic recovery curbs demand for the metal as a protection of wealth.  Read more at Bloomberg......

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