Johannesburg - The rand extended losses against the dollar to 1.5% on Tuesday, falling to a new 13-year low as emerging market currencies tumbled on heightened expectations that US interest rates could rise by mid-year.
The rand hit a session trough of R12.2700/dollar, its weakest level since March 2002. It was among the five weakest performers in a basket of 25 emerging market currencies monitored by Reuters.