Rand Falls to Six-Week Low as Concerns Around Gordhan Persist
- Finance Minister has refused to report to special police unit
- Prospects of U.S. rate rise weigh on South African currency
South African Rand Caught in Turmoil of Split ANC
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The rand fell to a six-week low against the dollar as increased political risk in South Africa combined with growing expectations that the U.S. may raise interest rates this year to weigh on the currency.
The rand declined as much as 1.2 percent to the lowest since July 15, retreating for a seventh day, the longest losing streak since January. It was 0.5 percent weaker at 14.4443 by 3:41 p.m. in Johannesburg.