Johannesburg - The rand slipped to a new 13-year low against the dollar early on Tuesday, extending recent losses as investors continued to chase the US currency and sentiment towards domestic growth prospects remained downbeat.
By 08:26 the local unit had conceded 0.71% to R12.1755/$, having earlier tumbled to a new 13-year low and with the R13.8400 support level, last reached in March 2001, becoming a growing possibility.
The rand has lost more than 7% since February as the US dollar firmed on economic indicators affirming market bets of an upcoming rate hike.