Rand Declines on Gold, Stock Slump, Global Recovery Concerns
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The rand weakened against the dollar for a second day, reversing earlier gains, as the price of gold slumped and concern the global recovery is faltering prompted investors to reduce holdings of higher-yielding assets.
South Africa’s currency declined 0.2 percent to 7.6012 by 5:28 p.m. in Johannesburg, from a previous close of 7.5852, reversing an earlier advance of as much as 0.7 percent to 7.5295. The move reduced rand’s weekly gain to less than 0.1 percent.