Rand plummets to record lows

Johannesburg –  The rand has tumbled more than 2% against the dollar in early Friday trade to hit another four-year low amid concerns about the health of the South African economy.

The rand dropped to 10.2850 to the dollar, down 2.4% from Thursday's New York close.

The rand was trading back at R10.22/$ just before lunch.

Business Day reported on Friday that analysts and traders warned of further losses, with the rand expected to depreciate to R10.50/$ or R10.75/$ if it breaks through R10.28/$.