Johannesburg - The rand tumbled to its weakest level since May 2009 against the dollar on Wednesday, with market players seeing further losses as investors dump risky assets on worries that eurozone leaders are not getting to grips with the debt crisis in that region.
The rand fell 1.7% to a session low of R8.53 against the dollar and was last trading at R8.50, from Tuesday’s New York close of R8.3880.
Government bonds followed suit and yields, that move inversely to the price, rose to their highest level in nearly two months.
The rand fell 1.7% to a session low of R8.53 against the dollar and was last trading at R8.50, from Tuesday’s New York close of R8.3880.
Government bonds followed suit and yields, that move inversely to the price, rose to their highest level in nearly two months.