Rand Weakens to Two-Month Low Versus Dollar on Risk Aversion
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The rand declined to its weakest level in more than two months against the dollar as concern that Europe’s debt crisis is deepening sapped demand for higher-yielding, emerging-market assets.
The rand depreciated as much as 1.2 percent to 7.0740 per dollar, the weakest level since March 18. It traded 0.6 percent down at 7.0292 at 6 p.m. in Johannesburg. The South African currency declined 0.7 percent to 9.9159 per euro.