Ricochet News

Rand records new lows against Pound and Dollar

By Charl Bosch - Aug 14, 2015
Rand records new lows against Pound and Dollar

The Rand has dropped to an all-time low against the US Dollar and British Pound as investors continue to cast fears about the escalating power crisis and strikes in the gold mining sector.

Earlier today, the national currency slumped to R20.10 versus the Pound and R12.88 against the Dollar, its worst level since December 2001.

Business Day reports that the Rand was trading among the five worst performing developing market currencies, with the downturn also being blamed on China’s decision to devalue the Yuan aimed an continuing economic slowdown.

A short while ago [15:22] the Rand was trading at R12.80 against the Dollar and R20.01 to the Pound.