South African Rand Slides To 2-month Low Against U.S. Dollar
May 18 2016 - 3:11AM
RTTF2
The South African Rand weakened against the U.S. dollar in
European deals on Wednesday, as emerging assets were under pressure
on renewed concerns over early Fed rate hike, as well as on
political chaos regarding arrest of South African Finance Minister
Pravin Gordhan.
Gordhan is being investigated over his role in setting up a tax
surveillance unit in 2007 when he was the commissioner of the South
African Revenue Service, Sunday Times reported over the
weekend.
The South African rand slipped to 15.87 against the greenback, a
level not seen since March 16. On the downside, 16.5 is likely seen
as the next support level for the South African Rand.
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