South African Rand Slides To More Than 3-week Low Against U.S. Dollar
May 04 2016 - 02:05AM
RTTF2
The South African Rand lost ground against the U.S. dollar in
European trading on Wednesday, amid worries about global growth, as
well as a warning by the South African Reserve Bank that any
ratings downgrade could lead to increased capital outflows.
In the Financial Stability Review released Tuesday, the central
bank said persistent weak economic fundamentals, wider current
account deficit, the growing trend of the fiscal debt and other
structural constraints in the South African economy had raised
concerns about its outlook with credit rating agencies, which could
cause ratings downgrade.
The South African rand declined to 14.86 against the greenback,
its weakest since April 11.The South African Rand is seen finding
support around the 16.00 zone. The pair ended yesterday's trading
at 14.64.
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